ISLAMABAD: Japanese auto maker Yamaha, which is setting up a motorcycle manufacturing plant at Bin Qasim near Karachi at a cost of $150 million, has sought an exemption of five years on the import of material and components.
A three-member delegation of Yamaha led by its Executive Officer Sumioka Ryouichi held a meeting with Chairman of Board of Investment Saleem H. Mandviwalla here on Tuesday to review progress for setting up the plant for which Yamaha has acquired 50 acres of land in the National Industrial Park of Bin Qasim.
In support of its demand for five-year exemption, the Yamaha delegation explained that the existing assemblers and manufacturers of vehicles in Pakistan had over the years developed auto parts and components locally and that the auto industry was yet heavily import dependent for various materials and components, with marginal exports.
The exemption would help support Yamaha to increase company's marginal profits to some extent till year 2020, explained Sumioka Ryouichi.
He further said that the Yamaha investment in Pakistan would create 45,000 jobs for locals and with the transfer of technology in manufacturing of motorcycle, vendor skill capability and capacity would also be developed with exclusive training institutes being run by the company.
The BoI chairman speaking to newsmen after the meeting said that the board being facilitator of investments in the country.