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Govt launches five year automotive development policy to strengthen auto industry in the country

March 21, 2016

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Govt launches five year automotive development policy to strengthen auto industry in the country

Zahid ImranbyZahid Imran
March 21, 2016
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ISLAMABAD, March 21: The Government has launched five year automotive development policy on Monday to strengthen auto industry in the country. The policy will remain effective till 2021.
Addressing the launching ceremony, Minister for Water and Power Khawaja Muhammad Asif said the new automotive development policy will cater the needs of consumers and the market. He said international level facilities have not been provided to consumers in Pakistan, adding that international standard technology has also not been introduced in Pakistan. He said three companies are dominating market, adding that the prices will decease after the introduction of new companies in market. He said that the prices of the vehicles in Pakistan are high as compare to other countries of the world.
He said the government is committed to restructure the automotive industry on a new paradigm conforming to international standards and practices.
The Minister said the industry will be encouraged to procure new technologies and management systems to increase productivity.
Asif said that despite a captive market, car assemblers in Pakistan failed to introduce basic features available to consumers in international markets such as airbags, anti-lock braking and emission control systems.
“There is no value for money a Pakistani car buyer gets, even after paying Rs2.6 million (26,000 dollars) for 1,800cc car,” Asif said.
Speaking on the occasion, Chairman Board of Investment Dr Miftah Ismail said 10 percent import duty will be reduced by the next fiscal year. He said closed plants of automobile manufacturing will be revived.
Dr Miftah Ismail said the same policy will be pursued for the import of used cars. To a question, he said Pakistan is earning substantial revenue through import of used vehicles. To another question, the chairman said import of vehicles for disabled persons will be exempted from duty.
Apart from the duty-free concession for plant, the import duty on car parts for new entrants would be set at 10 per cent for those items which cannot be manufactured locally and 25 per cent for others. The incentives would remain in place for five years, Ismail said. Minister of State for Water and Power Chaudhry Abid Sher Ali was also present on the occasion.-SABAH

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