LAHORE, June 26: Italian auto giant Piaggio on Thursday signed a memorandum of understanding with a local motorcycle manufacturer here for launching of the first-ever Euro-II 125cc motorcycle in Pakistan and setting up an international standard service centre in the provincial metropolis.

Speaking at the signing ceremony of MoU at the Lahore Chamber of Commerce and Industry, Piaggio Senior President Riccardo Mastronardi said that the Italian auto giant would bring European technology to Pakistan which would give a big boost to the motorcycle industry in the country.

He said that Piaggio was one of the leading motorcycle manufactures in the world and Vespa scooter was its masterpiece.

Piaggio’s coming back to Pakistan for joining hands with a motorcycle manu-

facturer made the point that Pakistan was known as an investment-friendly country in Europe.

HKF Engineering Chief Executive Officer Haroon Arshad said that the Euro-II standard motorcycle would be launched on August 14 this year in collaboration Piaggio.

LCCI President Muhammad Ali Mian said that auto industry was one of the important sectors of economy which was not only providing direct jobs to more than half a million people but also contributing to the national exchequer in a big way.

He said that Piaggio would benefit from investment because Pakistan was a rapidly growing market of middle class which had registered growth of about 7 per cent in yester years outpacing its neighbouring countries.