Italian auto giant Piaggio coming back to Pakistan

LAHORE - Italian auto giant Piaggio is coming back to Pakistan, paving the way for European automobile technology, which would give a big boost to the motorcycle industry of the country.

Senior Vice President Piaggio Mr Riccardo Mastronardi said while speaking after MoU signing between the Piaggio and HKF Engineering here at the Lahore Chamber of Commerce and Industry (LCCI) on Thursday.

LCCI President Mohammad Ali Mian, Senior Vice President Mian Muzaffar Ali, Vice President Shafat Saeed Piracha and CEO HKF Engineering Haroon Arshad also spoke on the occasion. Mr Reccardo said that Piaggio is one of the leading motorcycle manufacturers in the world and the first two-wheeler scooter in the world VESPA is its masterpiece.

He said that Piaggio's coming back to Pakistan and joining hand with a leading Pakistani motorcycle manufacturing company HKF Engineering makes the point that in the European world Pakistan is known as investment-friendly country.

LCCI President Mhammad Ali Mian said that auto-industry is one of the important sectors as it is not only providing direct jobs to more than 500 thousand people but also contributing to the national exchequer in a big way.

The LCCI President said that the Lahore Chamber of Commerce and Industry was making all out efforts for promotion of trade and investment in the country and Piaggio's inking agreement with HKF Engineering endorses the LCCI point of view that any investment made in this country is bound to give rich dividends. He said the Memorandum of Understanding between the two big organizations would go a long way and Pakistani entrepreneurs would learn a lot from latest European technology.

Mohammad Ali Mian said that Pakistan is a rapidly growing market of middle class consumer products and it is hoped that agreement would be a win-win situation for both the Piaggio and HKF engineering. He said that in yester years, the country registered growth of about seven percent outpacing neighbouring countries. Under the agreement HKF Engineering is launching its first joint product RAVI Piaggio 125 cc motorcycle, which is the first EURO II motorcycle in Pakistan followed by many future products. RAVI Motorcycles strongly believe in high service values. In this regard, a global standard training center is established in Lahore for product service trainings which will be conducted by first batch of trainees qualifying from ZPFM training center Foshan-China.

According to the MoU,Piaggio have announced a cooperation agreement that HKF Engineering will be the sole distributor, assembler cum manufacturer of ZPFM in Pakistan.

Addressing the participants, the Chief Executive Officer of HKF Engineering Mr Haroon Arshad said that the motorcycle industry was registering 25 per cent growth for the last five years.

He said that the first product being launched on August 14 this year in collaboration with Piaggio, Italy, would be first Euro-II standard bike and added that it would be a high-end product that would be available at highly competitive rates.

The HKF engineering gave a detailed presentation of its upcoming products being manufactured in collaboration with Piaggio.