Chairman JW SEZ Group, Foton Automobile’s partner in Pakistan, Shah Faisal Afridi, and Chief Executive Officer (CEO) Haier & Ruba Pakistan, Javed Afridi, also accompanied the PM during the visit.
The PM was informed about the use of modern technology and manufacturing of automobiles by the Chinese company.
Chairman Foton Gong Yueqiong told the prime minister that Foton is investing in Pakistan. It has established an assembly plant in the country as a joint venture.
On the occasion, CEO JW-SEZ said that soon, Foton Motors’ electric vehicles and the hydrogen-powered buses will be seen plying on the roads of Pakistan.
Beiqi Foton Motor Co. Ltd. (Foton) is a trans-regional, trans-ownership, and trans-industry state holding listed company. Founded on August 28, 1996, it is headquartered in the Changping District of Beijing and has almost 30 billion Yuan worth of existing assets.
Master Motors & Foton
Foton International Trade Co Ltd, Beijing has signed an MOU to inject investment in the form of a Joint Venture (JV) with their local partner Master Motor Corporation (Pvt.) Limited (MMCL) which has been manufacturing, selling and providing after-sales of Foton Brand of vehicles since 2003 under technical licensing agreement.
The joint venture (JV) with Master Motor Corporation (Pvt.) Limited will result in the injection of multimillion dollars, with a transfer or technology to set up a state of the art production facility in the National Industrial Park near Port Qasim in Karachi.
The JV plans to introduce the complete range of FOTON vehicles including Passenger Vehicles (Tunland, Toana, View CS2, Sauvana), Light and Heavy Commercial vehicles (AUMARK S, AUMARK C, AUMARK TX, AUMAN EST and AUMAN DUMPER) and Foton Buses.
The agreement was signed in the presence of Advisor to PM on Commerce, textile & Industry Abdul Razak Dawood. The MOU was signed by Ma Rentao (Vice President of Foton Group & President of Foton International) and Nadeem Malik (Managing Director of Master Motor Corp).
“Together with FOTON, we can tap the market potential while leading on the technology front and offering the latest technologies with all safety features to deliver unprecedented value to the customers. This joint venture would bring significant foreign direct investment to Pakistan, and will create more than 8,000 direct and indirect jobs, which would eventually improve the living standards of people in the country,” said Mr. Malik.