Hyundai Motor Company is planning to set up a car assembly plant in Pakistan in a joint venture with local textile company Nishat Mills.
The Korean car maker's return to Pakistan will help the government's effort to beat the Japanese brands such as Toyota, Honda and Suzuki, who assemble cars in Pakistan.
Although it is not sure how much investment will the Korean car manufacturer bring into this new project in Pakistan. Nishat Mills is a subsidiary company of the Nishat Group, which operates in banking, textiles, energy and cement sectors.
Secretary, Nishat Mills said, "Today we have signed a memorandum of understanding between the two companies and we will set up a ... project for the assembly and sales of both passenger and commercial vehicles."
However, Nishat Mills filed a statement with the Pakistan Stock Exchange stating that the deal was "subject to applicable statutory and regulatory approvals."
Last year, French auto major, Renault also agreed to invest in Pakistan to set up a manufacturing facility and South Korean car manufacturer Kia Motor also stated that it would start manufacturing cars in Pakistan.
Check out the photos of the Suzuki's third-generation Swift. The 2017 Swift will be launched in India by this year's festive season.