Speaking in a TV programme, he said under new auto policy, the government intended to bring new foreign investment for car manufacturing as a French company is establishing its production unit in Karachi.
Initially, about $100 million would be invested by the company and it would have production capacity of upto 30000 cars in first phase, he said adding that the capacity would be increased to 50 thousand units.
With the launch of car models by new company, the customers would have more choice and reasonable price as well.
Miftah Ismail said many other companies of various countries are also taking interest to invest in auto sector of the country.
Beside new companies, current operating companies are also expanding their networks and their business is growing.