Foton Group of China showed keen interest in investing in manufacturing a range of automobiles in Pakistan. The Chinese group also appreciated the pro-investment policies of the government.
In a meeting with Finance Minister Ishaq Dar, a delegation of Foton Group expressed keen interest in expanding operation as well as investment in Pakistan in automobile sector. The Finance Minister welcomed the delegation and appreciated their plans for investment in Pakistan. He said that the government, earlier this year has announced the new Auto policy for the next five years and encouraged the Chinese company to make use of the opportunities for investment offered under this policy. The Chairman of the Board of Investment also attended the meeting.
With fixed assets of over $4.77 billion and nearly 40,000 employees, Foton is ranked first in the global commercial vehicle industry in terms of production and sales. In 2015, Foton was ranked fourth in China’s auto industry and first in China’s commercial vehicle segment, with a brand value of 13.037 billion US dollars.
Foton designs and manufactures trucks, buses, sport utility vehicles and agricultural machinery. It is headquartered in Changping, Beijing and is a subsidiary of BAIC Group. Foton also makes commercial trucks in a joint venture with Daimler AG. Foton is also an active participant in the notorious Dakar Rally.
The CPEC (China Pakistan Economic Corridor) has opened up gates for many Chinese automobile manufacturers to invest in our country. Already there have been plenty of reports regarding various Chinese firms willing to develop their production bases in Pakistan, chances are high that Chinese companies will be utilizing the Auto Policy 2016-21 more than the European manufacturers as believed.