German automaker Audi seems serious and is taking aggressive steps to enter the flourishing Pakistan’s automobile market. The company is carrying all the per-requisite steps to setup its business in Pakistan. It recently signed a deal with BankIslami through its importer Premier Systems to introduce its brands in local market.
Premier Systems on the behalf of German automaker has signed a Memorandum of Understanding (MoU) with BankIslami to receive tailor-made financing packages to Audi customers across the country through its flagship product of Islami AutoIjarah.
According to BankIslami officials, the agreement will enable both Audi Pakistan and BankIslami Pakistan to leverage on the inherent strengths of each other’s vast network. This MoU is part of a strategy Audi Pakistan is implementing to offer tailor-made financing solutions for its customers through BankIslami.
Premier Systems (Pvt) Ltd, Audi’s general importer in Pakistan, is called Audi Pakistan and will market itself as the country’s top luxury premium automobile brand.
As we reported earlier, Audi started a feasibility study for the local market and also signed a Memorandum of Understanding with Sindh Board of Investment to set up its assembling plant in Pakistan after determining market potential and regulatory regime.
MoU was signed by Muhammad Yasin Khan, Chief Financial Officer, Premier Systems (Pvt) Ltd. and Yasser Abbas, Section Head Auto Ijarah, BankIslami.
The German automotive company will test its popularity of cars through exports of Completely Built-up Units (CBU) in Pakistan in first stage before setting up assembling plant in the second stage depending on the feasibility result.
However, with the new automobile policy coupled with ample room for foreign players in the local market, foreign brands will see bright scope of investment and business in the high-return market of Pakistan.
The entry of new foreign brand will improve the competition in the local market though Audi will be somewhat limited since it will cater to the elite section of society. The company will stick to introducing luxury cars, which have great market owing to the affluent class’s love for driving expensive luxury cars.
