Proton car: A gift from Malaysia Prime Minister
Pakistan, being an agricultural country generated most of its revenue through export of cash-crops as well as food. In recent years, more attention is being paid towards the sector of Information Technology and telecommunication.
Proton car: A gift from Malaysia Prime Minister
By
Sana Hassan
Pakistan, being an agricultural country generated most of its revenue through export of cash-crops as well as food. In recent years, more attention is being paid towards the sector of Information Technology and telecommunication. To combat the problem of currency deficits, the current government is promoting local investments and start-ups. New ties are being made and new memorandums are being signed.
Malaysia’s gift
Mahathir Mohammad the Prime Minister of Malaysia was on a tour to Pakistan. He was also the chief guest in Pakistan Day’s parade. The high-leveled delegation included several businessmen. In the visit Mohammad gift PM Imran Khan a Proton Car. Proton Holdings is a Malaysian Automobile company the cars of which are sold in more than 25 countries.
The Automobile Manufacturing Unit
The key was presented to PM as a symbolism. Proton Holdings is all set to open a car manufacturing plant locally in Pakistan. This will be a joint venture between the Malaysian company and local company Alhaj Automotive. The Proton plant to be set up on the Southern Port of Karachi is latest of all the international deals made with foreign automakers including Volkswagen AG and Hyundai Motors. This plant will allow the making and local assembly of the cars.
“These partnerships are just the beginning and I look forward to more and more partnerships,” Board of Investment chairman Haroon Sharif said at the signing ceremony. “We were told that the first Proton which will be assembled here will be on the roads next June.” He added.
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Cost
The venture was first agreed upon last year and the deal is signed in the latest visit. The official says that the deal would total around 800-900 million.
Other Deals
The other deals signed as a result of interested foreign investors will result in the betterment of IT and telecommunication sector.
Proton Holdings, as well as Proton accord, Malaysia’s Edotco Group, signed agreements in the telecoms sector with local units of China Mobile and Telenor, as well as local mobile group Jazz.
A multibillion-dollar credit and investment deal with countries including Saudi Arabia and the United Arab Emirates has also been signed in recent months.