Federal Minister for Industries and Production Held a Briefing Session on the Automobile Industry
Federal Secretary Mr. Jawwad Rafique Malik, CEO Engineering Development Board Mr. Raza Abbas Shah and senior officers of the Ministry attended the meeting.
Federal Minister for Industries and Production Makhdoom Syed Murtaza Mahmud held a briefing session on the automobile industry this morning.
Federal Secretary Mr. Jawwad Rafique Malik, CEO of Engineering Development Board Mr. Raza Abbas Shah, and senior officers of the Ministry attended the meeting.
CEO EDB gave an overview of the automobile sector of Pakistan vis-a-vis two broad-spectrum policies including Automobile Development Policy 2016-2021 and the recently launched policy ie Auto Industry Development and Export Policy (AIEDP) 2021-2026.
Read also
PD&SI Minister Seeks Report over Dysfunctional CPEC Center of Excellence
NITL Funds are now available on Hysab Kytab
The Federal Minister was briefed that later version of auto policy ADP incentivized entry of 7 new auto players in the market while AIDEP was focused on value addition in automaking by 30%, bi-annual update of SRO 693, exports targets for auto parts as well as CBUs, adoption of safety regulations through legislation and promoting EVs & new technologies in the auto industry. He stated that the country had been producing 92% tractors, 95% motorcycles, and 55% cars locally.
CEO EDB apprised the Minister that 08 licenses had been issued to EV-based OEMs for the production of 2-wheelers and 3-wheelers in Pakistan. He noted that payments amounting to Rs. 4 billion had been reimbursed to consumers for late delivery of vehicles under the consumer protection clause of AIEDP.
He stated that despite the pandemic 215, 776 units of cars including jeeps, SUVs, and LCVs were locally manufactured in last year and target of 3 lac production would be achieved in this year.
The Federal Minister noted that the new policy would accelerate the growth & development of the automotive industry together with the quality and indigenization of the industry.
He further highlighted that the government would like to increase the footprint of EVs to mitigate the challenges of global warming. He also directed the EDB to lay out a plan to curb the issue of On-Money so that consumers could get vehicles timely at justified prices.
