Groupe Renault and UAE-based Al-Futtaim have announced that they have signed definitive agreements for the exclusive assembly and distribution of Renault vehicles in Pakistan. “Groupe Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10 per cent annual growth rate. By partnering with Al-Futtaim, Groupe Renault aims to become a major player in Pakistan. We aim to bring our latest products and cutting-edge technology and set new benchmarks of safety and quality in the market,” said Fabrice Cambolive, Senior Vice President, Chairman of the Africa Middle-East India Region of the Groupe Renault.
“With a population of over 200 million, a fast-growing economy and a vibrant middle-class, Pakistan is undoubtedly a very important strategic growth market for us. We are very excited to represent Groupe Renault which is among the top automotive brands worldwide, and a leading European car manufacturer entering this market. We will endeavour to add real value to the Pakistani auto sector and consumer, and to create a world-class organisation in Pakistan. Al-Futtaim also looks forward to a very long and successful partnership with Groupe Renault,” said Len Hunt, President of Al-Futtaim Automotive.
The agreements will see Groupe Renault bring its latest products and technological know-how, whilst Al-Futtaim, through its new subsidiary Al-Futtaim Automotive Pakistan (Private) Limited, will establish a new manufacturing and assembly plant. Pakistan represents one of the most dynamic opportunities in these regions, in particular due to the new Automotive Development Policy.The finalisation of the transaction remains subject to a number of conditions, mainly relating to relevant regulatory approvals from Pakistani authorities. The plant will be built in the first quarter of 2018 in Karachi and car sales are planned to start in 2019, ramping up in 2020.