ISLAMABAD:- The Federal Minister for Industries and Production Makhdoom Syed Murtaza Mahmud directed to Engineering Development Board (EDB) to lay out a plan to curb the issue of On-Money so that consumers could get vehicles timely at justified prices.
These directions were issued by the Minister during a meeting on 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.
The CEO EDB gave an overview of automobile sector of Pakistan vis-a-vis two broad spectrum polices including Automobile Development Policy 2016-2021 and recently launched policy i.e. Auto Industry Development and Export Policy (AIEDP) 2021-2026.
The Minister was briefed that later version of auto policy ADP incentivised entrance of 7 new auto players in market while AIDEP was focused on value addition in auto making by 30 percent, 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 auto industry.
He stated that the country had been producing 92 percent tractors, 95 percent motorcycles and 55 percent cars locally.
The CEO EDB apprised the Minister that 08 licenses had been issued to EV based OEMs for production of 2-wheelers and 3-wheelers in Pakistan.
He noted that payment of amounting Rs. 4 billion had been reimbursed to consumers for late delivery of vehicles under consumer protection clause of AIEDP.
He stated that despite pandemic 215, 776 units of cars including jeeps, SUV, LCV were locally manufactured in last year and target of 3 lac production would be achieved in this year.
The Minister noted that new policy would accelerate growth & development of automotive industry together with quality and indigenization of industry. He further highlighted that the government would like to increase footprint of EVs to mitigate the challenges of global warming.