China’s Foton in JV with Master Motor

KARACHI: China’s Foton International Trade Co Ltd has signed a memorandum of understanding (MoU) for joint venture with their local partner Master Motor Corporation (Pvt) Limited, a statement said on Monday.

According to the press release, the agreement was signed in the presence of Abdul Razak Dawood, the adviser to PM on commerce, textile & Industry. The statement said Ma Rentao, vice president Foton Group & president of Foton International, and Nadeem Malik, managing director of Master Motor Corp signed the agreement on their respective companies behalf.

Master Motors, the statement said, has been manufacturing, selling and providing after-sales services to Foton brand of vehicles since 2003 under a technical licensing agreement. The company further said the joint venture would result in the injection of multimillion dollars, with a transfer or technology to set up a state of the art production facility in the National Industrial Park near Port Qasim in Karachi.