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Japan’s Mitsubishi Motors is looking forward to open trade pact between India and ten nations Asso of South East Asian Notions (ASEAN) to begin manufacturing in country and create it the export hub.

We are looking for better timing - perhaps, once the free trade agreement with ASEAN comes through, we will look for production in India. Our immediate target is to achieve a minimum market share of one percent.

- Mr. Tetsuro Aikawa (Mitsubishi’s managing director) said.

Mitsubishi recently has launched its SUV Outlander in country and has the market shares of just 0.3% in terms of vehicles sold in Indian market and utilizes Hindustan Motors to build and market their cars here.

India already has confirmed its free trade deal with ASEAN, which supposed to be officially signed later this year. Free trade deal may not permit the Japanese car manufacturer to import low-cost components but also export at a lower tax.

Mitsubishi officials said that company also planned to maintain its bonds with HM that builds the iconic ‘Ambassador’ cars.

Hindustan Motors has been delivering very high quality and we will certainly continue with our collaboration.

- Mr. Aikawa said.

He added that Mitsubishi’s existing India strategy was to launch exclusive vehicles that would aid to create a Mitsubishi brand in India.

Although we have launched several small car models in Europe and North America we are not thinking of launching them here as we are not looking at a big market immediately. Instead, we want to focus on brand building. That’s why we are launching at least one new model in India every year.

-Mr. Aikawa explained.

Company’s next model in the country, he said, will be an superior edition of Lancer even as each model launched in the country was doing well.