Islamabad: The Government has launched five-year automotive policy today to strengthen auto industry in the country.
Addressing the launching ceremony, Minister for Water and Power Khawaja Muhammad Asif said the government is committed to restructure the automotive industry on a new paradigm conforming to international standards and practices.
“We have introduced this new auto policy and our objective is to address the needs of consumers and the market,” Defence Minister Khawaja Muhammad Asif, who is also the head of a committee on auto policy, told a press conference.
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.
The Minister said the industry will be encouraged to procure new technologies and management systems to increase productivity.
Speaking on the occasion, Chairman Board of Investment Dr Miftah Ismail said 10 percent import duty will be reduced by the next fiscal year.
Miftah Ismail, chairman of the Pakistan Board of Investment, said the government hopes to attract two or three new players to the market.
Last year a delegation from Volkswagen visited the country but the German auto giant has not yet announced plans to build a local factory