ISLAMABAD: The Government has launched five -year automotive policy (2016-2021) on Monday.
Speaking on launching ceremony, Minister for Water and Power Khawaja Muhammad Asif said the federal government is committed to remodel the automotive industry on a new paradigm to meet international practices and standards.
“The Economic Coordination Committee (ECC) had taken up the issue of consumers’ exploitation by existing car assemblers two years ago and formed a committee to formulate the new auto policy to attract new entrants,” said KhawjaAsif.
“While the motor cycle industry has tapped market potential, local car assemblers have failed despite enjoying several incentives like duty exemption. These assemblers have not even turned into manufacturers due to their failure in completing the deletion programme.” Minister added.
Khwaja Asif, accompanied by Board of Investment Chairman Miftah Ismail, who is also a member of the auto policy committee, Secretary Industries Arif Azeem and Chief Executive Officer (CEO) Engineering Development Board (EDB) Tariq Ijaz Chaudhry.
Miftah Ismail said 10 percent import duty will be reduced by the next fiscal year.