ISLAMABAD: Foton International Trade Co Ltd, Beijing signed a memorandum of understanding (MOU) to inject investment in the form of a joint venture (JV) with their local partner Master Motor Corporation (Pvt.) Limited (MMCL) which has been manufacturing, selling and providing after sales of Foton Brand of vehicles since 2003 under technical licensing agreement.
In the recent visit of Prime Minister Imran Khan to Beijing for the “Belt & Road (B&R)” initiative, he visited the plant of Beiqi Foton whose partner in Pakistan M/s Master Motor Corporation has sold more than 17,000 commercial vehicles.
The joint venture with Master Motor Corporation (Pvt.) Limited will 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.
The JV plans to introduce the complete range of FOTON vehicles including passenger vehicles.
The agreement was signed in the presence of Advisor to PM on Commerce, Textile & Industry Abdul Razak Dawood. The MOU was signed by Vice President of Foton Group and President of Foton International Ma Rentao and Master Motor Corp Managing Director Nadeem Malik
“The strategic alliance will take both the stakeholders to another phase of successful long term relationship by bringing the latest technologies under the Foton umbrella to Pakistan,” said Ma Rentao.
Master Motor has been assembling commercial vehicles for the past 16 years bringing the latest generation of commercial products to Pakistan including the vast range of Foton vehicles.
“Together with Foton, we can tap the market potential while leading on the technology front and offering latest technologies with all safety features to deliver unprecedented value to the customers. This joint venture would bring significant foreign direct investment to Pakistan, and will create more than 8,000 direct and indirect jobs, which would eventually improve the living standards of people in the country,” said Malik.