Hyundai Nishat Motors Private Ltd (HNMPL) is a Joint Venture among Millat Tractors Limited, Nishat group and Japanese Automobile Corporation Sojitz. However, On the 8th of October, the news broke in the media by Respective officials that the Giant Business Consolidation is Intended to Embark on the Local Assembly of Hyundai H-100 Cab-over truck from January, 2020. So, Hyundai will Start Local Productions in Pakistan From January- It Will Create Bundle of Jobs.
The Enthusing Element behind the Assembly production is its 20 % Permissible Localization. It is Presumed that in the next Five years Localization will be Enhanced to 45% and will open more Job Prospects. So, that will Eventually Diminish the Unemployment Rate in Pakistan.
Mr. Sato Reasoned his Inclination to Pakistan
“Pakistan’s population, age-group (youth) and their passion for cars attracted us to come to this country,”
He has shown his Positive Intentions to Expand the Scale of Investment to car Electrification and asks the Government to Create a Conducive Environment. However, the use of Electric Cars and Electric Stations would Create Countless jobs to Satiate many Jobless in the Country.
Hyundai will Start Local Productions in Pakistan From January- It Will Create Bundle of Jobs
HNMPL also Divulged its ‘Hyundai Ioniq Hybrid car’ while Instating and Presenting in Digital Showroom Positioned at Emerald Tower in Karachi.
HNMPL Chief Operating Officer (COO) Tatsuya Sato informed the media that the Manufacturing Assembly Line is Financed by $150 million. And the Annual production Capacity of up to 15,000 units. The huge plant will Employ 250 people.
Hyundai will surely Dominate the market by Being the Biggest Distributor of Automobiles in the Country. 60pc will come from Pakistan cronies and the remaining 40pc from the Japanese partner. So, It will be Affiliated with Hyundai Motor Company (Korea) to become a Foremost Manufacturer, Vendor, and Supplier of Automobiles in the country.
Economic Stability is Mandatory for Feasible International Investments
Pakistan is Facing Economic and Political Instability for long. As HYUNDAI is an International Vision Rupee-Dollar Parity, it is the Biggest Influencer. So, Stock Market Stability does matter a lot for Foreign Investors.
HNMPL urged to Increase localization percentage on a stable rupee-dollar parity. Rupee depreciation is the ultimate hurdle that obstructs foreign investors to invest. Mr. Sato said that initially when the project was launched one dollar was equal to Rs105 and the current rate is Rs156-158.
So, The Government of Pakistan should show Conviction to Strike foreign Investments to Diminish the bay b/w Employment and Unemployment Scales.