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Business

May 19, 2017

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Pak-Korea JV to introduce heavy vehicles

Pak-Korea JV to introduce heavy vehicles

KARACHI: Korean automaker Hyundai and Pakistan’s Al-Haj Group have partnered to introduce heavy commercial vehicles in the country through a technology transfer contract with an estimated investment of Rs4 billion, an official said on Thursday. 

“Initially, we are investing Rs1.5 billion and a land of 30 acres have been purchased on the National Highway near Pakistan Steel Mills,” Bilal Khan Afridi, chief executive officer at Alhaj Hyundai Pvt Ltd told a press conference.

Afridi said Al-Haj Group owns 100 percent shares in the company and it will invest four billion rupees by the end of June 2018, while Hyundai will receive certain royalty. 

Al-Haj Hyundai also planned to construct a state-of-the-art manufacturing cum assembling plant for Hyundai’s heavy commercial vehicles. The first phase of the plant will be operational by May 2018.

Afridi said the joint venture aims to upgrade the standards of high quality commercial vehicles. He said the joint venture is a wonderful business opportunity for both the companies. It would provide employment opportunities as well as upgrade the standards of local commercial product segments with advance technology and high quality products.

The China-Pakistan Economic Corridor has the potential to facilitate four percent of the global trade volumes by 2020. It will accelerate the economic growth of Pakistan and several other countries in the surrounding region, through the development of a 21st century maritime silk road, encompassing a modern trade and infrastructure network.

Bae Kyungsik, chairman at Hyundai said Al-Haj Hyundai Pvt Ltd will initially introduce a heavy duty truck Xcient, with different variant, Universe Luxury buses, for intercity travel, and Mighty medium and light duty trucks with the demand of heavy duty vehicles on a sharp rise in Pakistan. Al-Haj Hyundai also plans to introduce various other products of Hyundai in cargo and passenger handling segments.

 

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