KARACHI – Chief Operating Officer of KIA Lucky Motors, Muhammad Faisal has said that the production plant of KIA was completed with an investment of 20 billion rupees in a record duration of one and a half years. He was speaking to a gathering arranged by the Korangi Association of Trade & Industry (KATI).
On this occasion President of KATI Sheikh UmerRehan, Senior Vice President Muhammad Ikram Rajput, Vice President Syed Wajid Hussain and Head of KATI’s standing Committee on Automotive Ghazanfar Ali Khan also addressed the gathering.
COO KIA Lucky Motors Muhammad Faisal told 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 and completed the production plant within a record time of one and a half year, with the capacity of 50,000 units.
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 a higher level in the 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 the automobile sector pertaining to the economic prosperity of country and employment opportunities. He expressed hope that with the success of KIA Lucky Motors a healthy environment of the competition will emerge in the automobile sector of Pakistan. Sheikh Umer Rehan also briefed the gathering about the economic significance and production capacity of the Korangi Industrial Area.
Head of KATI’s Standing Committee on Automotive Ghazanfar Ali Khan was of the view that car ownership is estimated around 17-18 cars per 1000 people in Pakistan, there is a huge gap that 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 measures regarding Electric Vehicle Policy which would help to cut in our petroleum import bills and safe environmental condition. He urged to focus 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.