Yet another Automotive company is set to enter the automotive batter in Pakistan, the Master Motors has got a Greenfield Status, by the Ministry of Industries and Production (MIP)—BR reported.
According to the Automotive Development Policy 2016-2021 Mater Motors company has become the 8th company in Pakistan with the status Greenfield, the country’s growing automotive sector keeps running with the pace of demand from consumers and investors keen to invest in the market.
According to the sources, MIP following the guideline of ADP 2016-2021 has granted the category—A Greenfield investment status to Master Motors.
Master motors seem well positioned by a joint venture with Chinese Automobile company Chongqing Changan Automobile Limited. Master Motors has inked an exclusive agreement with the company in this regard after Greenfield Investment status given to the company by MIP, it provides the opportunity of Master Motors to enter the growing automotive market of Pakistan.
However, sources said there is an additional Secretary In-charge MIP, Mian Asad Haya-ud-din handed over a dispute between Master Motors and Foton Motors, both entities have come forward claiming that both are manufacturing companies and the same vehicle is produces but only one company has been provided with tariff concessions.
The sources revealed that MIP in its previous meeting has ordered to conduct a probe by inviting head if Military Vehicles Research and Development Establishment (MVDRE), Major General Moazzam Ali to find out about the case and proceed with the finding which company is actually assembling the product.
The meeting was also attended by the CEOs of both companies including Hamid Rasool CEO Mater Motors and Nadeem Malik CEO Foton Motors.