KARACHI: A positive development has emerged for Pakistan’s auto industry as a multinational Japanese company announced major investment to promote production of “Made in Pakistan” auto parts.
The company has formally informed the Pakistan Stock Exchange through a letter regarding the decision.
According to the letter, an additional Rs1 billion investment has been approved for the ongoing mega project aimed at local manufacturing of auto parts. Earlier, Rs4.10 billion had already been allocated for the project, bringing the total investment to Rs5.10 billion.
The company said the funds will be used for installation of advanced machinery, new plants and other essential equipment to enable high-quality local production of auto parts.
According to the company, one project is already under construction and is expected to be completed by 2026, while a new project will be completed by 2027.
The letter added that the initiative will help reduce imports, save valuable foreign exchange and create new employment opportunities. The move is being seen as an important step toward Pakistan’s industrial self-reliance.
