Task force to facilitate foreign investors
KARACHI: Finance Minister Ishaq Dar said on Monday that the government had decided to form a task force for facilitating foreign investors to set up an industry or start a business besides ensuring their security.
“All economic sectors are open to foreign investors,” Dar said while speaking at the inauguration of Yamaha Motor Pakistan (Private) Limited’s motorcycle assembly plant at Port Qasim Industrial Zone.
Federal Minister for Privatisation Muhammad Zubair Khan, Governor, State Bank of Pakistan (SBP) Ashraf Mehmood Wathra, Chairman, Karachi Stock Exchange, Muneer Kamal, Japanese Ambassador to Pakistan Hiroshi Inomata, President of Yamaha Motor Company Limited, Managing Director, Yamaha Motor Pakistan (Private) Limited (YMPK), Yasushi Ito were also present.
The federal finance minister said that Yamaha Motor Company Limited, operating in Pakistan since 1975 with a local partner, had wound up from Pakistan in 2008. But, he continued, with effective pursuance and by introducing an attractive policy for auto industry, the present government succeeded in convincing the management of Yamaha Motor Company Limited to restart the company’s operations in Pakistan.
In 2013, the company reestablished its base independently here and formed Yamaha Motor Pakistan (Private) with 100 per cent equity, which led to launch of this new assembling factory.
State Minister/ Adviser to the Prime Minister on Investment and Chairman, Board of Investment, Dr. Miftah Ismail also highlighted the government’s business friendly policies.
Japanese Ambassador to Pakistan Hirohsi Inomata acknowledged the support extended by the Federal and Sindh governments in successfully executing the motorcycle assembly plant of Yamaha Motor Pakistan (Private) here. The company had initiated the project in March 26, 2013.
The President of Yamaha Motor Limited gave account of his company having 60 years experience in auto industry and operating in 200 countries.
The plant’s cost is Japanese yen 6.2 billion; which makes 5.3 billion Pakistan rupees. This is one of the biggest international investments in recent past.
The plant has contributed to direct investment in Pakistan besides transfer of technology and providing employment.
Managing Director of Yamaha Motor Pakistan (Private), Yasushi Ito said the company has 100 per cent equity and has production capacity of 40,000 units in 2015. However, 30,000 units are expected to be produced this year. It has set a target of 3,00,000 to 4,00,000 units by the year 2020.
Published in Dawn, April 28th, 2015
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