We are really pleased to inform our valued readers that after the recent merger of Hyundai with Nishat Mills, a Japanese conglomerate Sojitz Corporation has signed an agreement with the company to assemble and manufacture vehicles in Pakistan. Millat Tractors Company will also be taking part in this process as it is associated with Hyundai-Nishat. Sojitz Corporation will assemble, manufacture, sell and retail Hyundai vehicles in Pakistan under the umbrella brand of Hyundai Nishat Motors.
The project cost is going to be around $140 million. As per Dunya News, it is also heard that Sojitz Corporation along with Nishat Mills will be producing Hyundai passenger cars and commercial vehicles in Pakistan. It is nice to be noted here that this complete setup will cost around 15 billion yen. Nishat and Hyundai is already building a manufacturing plant in Faisalabad, which is expected to be completed by 2019. Sojitz Corporation in a statement said that the political stability had heightened the economic growth of the country, which in a result made an overall 10% annual growth of the local automotive industry.
Aside from Sojitz Corporation agreement with Nishat and Hyundai, recently JW Forland Automotive also made an inauguration of its assembly plant in Lahore. This plant will be manufacturing JW Forland vehicles in Pakistan. Moreover, the company is also aiming to create jobs in the local automotive market to give a boost to the overall economy of the country. Do share your intake of this collaboration of a Japanese company to manufacture and assemble vehicles in Pakistan in our comments section.