ISLAMABAD: The new auto policy has piqued the interest of global car manufacturing companies and negotiations are underway for setting up plants in Pakistan, Board of Investment (BoI) Chairman Dr Miftah Ismail said on Thursday.

Talking to newsmen, Mr Ismail said that Renault of France and Fiat of Italy are in talks with the BoI to set up plants in the country.

Talks are at an advance stage and we are hoping the plants would be set up during the fiscal year 2017-18, he added.

The BoI chairman further said that Suzuki and Nissan have shown interest in expanding their plants.

Mr Ismail said the government has made BoI the single entity to deal with the auto industry after the approval of the new auto policy.

As per government instructions, BoI will facilitate investors and process their requests connected with other ministries and departments.

In response to a question relating to foreign direct investment (FDI), he said the inflow of FDI into Pakistan during July-March period of current fiscal year was $957 million as compared to $658m during the corresponding period of previous fiscal year.

FDI from China was $516m, followed by $126m from United Arab Emirates, and $120m from investors based in Hong Kong. The investment in power sector amounts to $472m while FDI worth $224m is there in the oil and gas sector, he said.

Published in Dawn, April 29th, 2016