'New auto policy to increase competition in local market'

ISLAMABAD: The Minister for Industries and Production Makhdoom Khusro Bakhtiar said on Friday that the aim to introduce a new policy is to provide affordable small cars (850 cc-1000 cc) and increase the competition in the local market, ARY News reported.

The ministry’s officials briefed the meeting chaired by Federal Minister for Finance and Revenue Shaukat Tarin to finalise the new auto policy.

Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar, Adviser to Prime Minister on Commerce Abdul Razak Dawood and SAPM on Finance and Revenue Dr Waqar Masood have also attended the meeting along with senior officials from Industries and Production, Commerce and Federal Board of Revenue (FBR).

Read: Govt bringing new auto policy beneficial for all stakeholders: Tarin

Bakhtiar briefed that the aim to introduce a new policy is to provide affordable small cars (850 cc-1000 cc), promote localisation in domestically assembled cars, produce an exportable surplus of auto-parts of 2-3 wheelers and increase the competition in the local market so that people in Pakistan could enjoy better technology at affordable prices

He also discussed various concessions that could be offered to electric vehicles to increase the number of vehicles imported and install the related infrastructure in Pakistan.

Other pending issues like the payment of ACD by the auto sector to the government also came under discussion. The Industry representatives agreed to resolve the issue amicably for its final settlement.

The finance minister assured of his full support for the final launch of the new auto policy.