Carmaker Renault revokes decision to set up plant in Pakistan

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French automaker Renault may not be setting up a manufacturing plant in Pakistan, sources announced.

According to details, the automobile manufacturer has canceled its license (franchise) of Al-Futtaim to build its manufacturing plant in Pakistan.

Following the disagreement, Al-Futtaim has put a hold on investment, reported.

“Al-Futtaim has not officially intimidated to discontinue, however, it is likely that it will completely withdraw manufacturing plant”, the local car dealer cited its source.

It is believed that the withdraw may be a result of economic instability in the country.

Al-Futtaim Renault, Pakistan had also acquired land in Faisalabad for its assembly and manufacturing plant.

Shah Mehmood Qureshi, in a meeting with Ambassador France Marc Barety, said that other French companies should also take advantage of friendly investment policies and come to Pakistan