DUBAI - Coastal Group of UAE and Daimler Chrysler of Germany have plans to invest around $3 billion in hydel power generation and automobile sector to produce Mercedes Benz cars and trucks in Pakistan. This would be the ever biggest foreign investment in the history of Pakistan.
As many as $2 billion will be invested in hydel power generation to overcome power shortage in Pakistan while approximately $1 billion will be poured in automobile sector of the country to set up a production plant for Mercedes Benz cars and trucks, sources revealed it to Khaleej Times yesterday.
In this connection, a six member delegation of M/s Daimler Chrysler of Germany and Coastal Group of UAE yesterday held a meeting with Pakistani Minister of State for Privatisation & Investment Umar Ahmad Ghuman in Islamabad and discussed the business opportunities.
The business group which discussed the business plans comprises chairman Coastal Group of UAE Yusuf Najibi, senior vice-president Daimler Chrysler Peter Grosch, SVP Daimler Chrysler Martin Daum, SVP ZF Friedrichshafen AG Dr. Thomas Hegel, Head of ZF Friedrichshafen Hans P. Transmission, Chairman & CEO FFG Flensburg AG Norbert Erichsen. Other senior officials of BoI also attended the meeting.
As per details, the group will produce trucks for defence forces during the first phase and set up a production line for two new economical models of Mercedes Benz cars in addition to constructing the tallest high-rise “international commercial city” for offices and show rooms for MNCs. However, in the second phase, they will start manufacturing commercial trucks.
According to the sources, the group was persuaded to come to Pakistan by the Pakistan Minister of State for Privatisation & Investment Umar Ahmad Ghuman who held series of formal and informal discussions with the top management of the group.
Assuring full cooperation on behalf of Government of Pakistan as well as the Board of Investment (BoI), the minister pointed out that the presence of more than 600 foreign companies in Pakistan, out of which 300 are MNCs and the return on equity which ranges from 30 per cent to 40 per cent that proves that Pakistan is a place where business environment is conducive.
He further informed the group that no foreign company in Pakistan has gone back because of losses.
“Pakistan is a gateway to Central Asian Republics and offer tremendous opportunities to make it a hub for export,” he maintained.
“With the gradual improvement of law and order situation in Afghanistan, lucrative opportunities of export will be available to foreign investors to reach the European markets. The investment policy of Pakistan is liberal as compare to any country of the region,” the minister concluded.
yeah the realstate is crazy in karachi these days. Someone I know bought a flat in clifton for 25 lacs less than 2 years ago and sold it for 85 lacs about a month ago.
hmmm
i am not the best person to comment on this but i can share with u whatever i know
in karachi atleast i think that the undeveloped areas of defence (near sea view) which are going to get developed soon are going to really shoot up in value. this is what happenned recently as well with the sea view areas in the past couple of years.
apart from that gulistan-e-jauhar area flats are a good buy, if you book one now, you can prolly sell it later for much more.
clifton....hmmm....its already developed...and the flats are expensive...i don't see the prices changing very much in the next few years...but you could look around and see if there is some new development project going on there.
this is just stuff i have gathered from hearing people talk :)
other than karachi i keep hearing of bahria town in lahore/isloo/pindi
