Samsung forms joint venture with Kia, Ibrahim Sons

Samsung is going to set up a mobile assembly unit in Pakistan in a joint venture of Kia and Ibrahim Sons.

Secretary Ministry of Industries and Production informed the Parliamentary Panel that Samsung would set up a mobile assembly unit in Pakistan in the next six months.

He said that two companies-KIA and Ibrahim Sons had been shortlisted. Pakistan is producing one million mobile phones a month and Pakistan’s monthly demand is 3.6 million mobile phones.

The government had announced several incentives for the mobile companies to set up assembly plants in Pakistan.

Secretary Ministry of Industry and Production admitted in the Senate Standing Committee that there is corruption in the Utility Store Corporation, the goods of the corporation are sold in the market, besides the equipment of the Utility Stores is also wasted.

Briefing the Standing Committee on Industry and Production, he said that efforts are being made to privatize utility stores, besides launching an automation scheme of utility stores and cards for targeted subsidy will be issued on stores.

The meeting of the Standing Committee on Industry and Production was held on Tuesday. The Secretary of Industry and Production further said in the briefing that tax concessions have been given to electric vehicles, charging infrastructure for electric vehicles will be set up, and taxes and duties at charging stations have been abolished. Yes, there are allegations of under-invoicing in electric vehicles.

Customs has fixed the average import price of electric vehicles. The Secretary of Industry and Production further said that additional taxes have been levied to discourage wool money. If they do so, they will withdraw the concessions. Pakistan’s vehicle manufacturing capacity has reached 418,500 and the annual consumption of vehicles in Pakistan is 3.5 million vehicles.

In the briefing, the Secretary of Industry and Production said that mobile companies have arrived in Pakistan, Samsung is going to set up a mobile assembly unit in Pakistan, in the next six months Samsung will set up a mobile assembly unit in Pakistan. Two companies have been shortlisted and Ibrahim Sons. Pakistan is producing 1 million mobile phones a month and Pakistan’s monthly demand is 3.6 million mobile phones.