Renault got green field license to enter Pakistani Automotive market

According to a notification Greenfield license has been granted to Al-Futtaim Automotive Pakistan. Ministry of Industries and Production (MoI&P), in pursuance of the Economic Coordination Committee’s (ECC) decision of March 18, 2016 on “Automotive Development Policy (ADP) 2016-21”, has allowed “Category-A Greenfield Investment Status” to M/s AI-Futtaim Automotive Pakistan (Pvt) Ltd, Karachi for assembly/manufacture of vehicles covered in the exclusive contract agreement signed by the firm with their principal i.e. M/s Renault (France).
The rules of this license state that (i) M/s Al-Futtaim Automotive Pakistan (Pvt) Ltd, shall strictly adhere to the conditions laid down in Notifications No. 2(9)/2013-LED-II dated 2nd June, 2016;(ii) the company would enter into agreement with the Ministry of Industries and Production, GoP, to ensure compliance with conditions of the ADP 2016-21, SRO 656(1)/2006 (updated vide SRO 483(1)/2016 dated 29th June, 2016) and various timelines for completion of the project for availing incentives under the ADP 2016-21 and; (iii) EDB shall issue manufacturing certificate and list of importable components after it verifies that the manufacturing/assembly facilities established by the company are adequate to produce roadworthy vehicles.