Production plant of KIA completed with Rs 20 billion investment: COO

Chief Operating Officer (COO) of KIA Lucky Motors, Muhammad Faisal has said that production plant of KIA was completed with an investment of 20 billion rupees in record duration of one and a half years.

Speaking to a meeting of Korangi Association of Trade & Industry (KATI), he said that in the joint venture with South Korean Automobile manufacturer KIA , Yunus Brothers Group (YBG) Pakistan has invested 20 billion rupees , which was a debt free equity-baked investment with the capacity of 50,000 unit.

He said that only in 14 months, the company has given 18 dealerships in 11 cities of Pakistan.

He said that it is our resolve to uplift the quality and technology to higher level in automobile manufacturing of Pakistan.

President KATI, Sheikh Umer Rehan said that the huge investment of KIA lucky motors had reinforced the confidence of investors in business opportunities of the country.

He highlighted the role of automobile sector pertaining to economic prosperity of the country and employment opportunities.

He expressed hope that with the success of KIA Lucky Motors, a healthy environment of competition will emerge in automobile sector of Pakistan. Rehan also briefed the gathering about economic significance and production capacity of Korangi Industrial Area.

Head of KATI's Standing Committee on Automotive, Ghazanfar Ali Khan was of view that car ownership is estimated around 17-18 cars per 1000 people in Pakistan, there is a huge gap which can be filled with innovative strategy and we hope KIA would certainly find a way to fill this gap.

He said that the government is taking serious measure regarding Electric Vehicle Policy which would help to cut in our petroleum import bills and safe environmental condition.

He called for focusing on future technology.

He further said that KIA had adopted the most modern technology. Former Presidents of KATI Akbar Farooqui, SM Yahya , Muhammad Anis and other prominent industrialists and businessmen were also present on the occasion.

Copyright Business Recorder, 2019