Economy, Auto
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Pakistan Welcomes Iran Coop. in Auto Production

Pakistan Welcomes Iran Coop. in Auto Production Pakistan Welcomes Iran Coop. in Auto Production

Pakistan is willing to cooperate with Iran as part of a new project to set up South Korea's Kia Motors assembly line in the country, according to a member of the Karachi-headquartered Auto Manufacturers' Association. Lucky Cement Limited, which is part of the vast conglomerate Yunus Brothers Group, said in an announcement on December 8, it plans to set up a new company to start "manufacturing, assembling" Kia vehicles. The company will make an initial investment of $115 million. Some models manufactured by Kia Motors used to be assembled in Pakistan, but due to disappointing sales the brakes were pulled, IRNA and Reuters quoted Sohail Bashir Rana as saying. He noted that some parts needed for assembling the cars could be bought from Iran. Bashir who is also CEO of Millat Tractors said his company in the past used to work with Iran Tractor Manufacturing Company and Iran Tractor Motorsazan. Cooperation came to a halt due to banking restrictions after economic sanctions on Iran were tightened in 2011 and 2012. "We hope to see such obstacles removed", the official said.   

 

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