April 22, 2022 (MLN): Despite the COVID pandemic 215, 776 units of cars including jeeps, SUVs, LCVs were locally manufactured last year and a target of 3 lac production would be achieved this year, CEO Engineering Development Board (EDB) Raza Abbas Shah said today.
In a meeting with Federal Minister for Industries and Production Makhdoom Syed Murtaza Mahmud, the CEO of EDB gave an overview of the automobile sector of Pakistan vis-a-vis two broad-spectrum policies 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 incentivized the entrance 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.
Syed Murtaza Mahmud said that the Country had been producing 92% tractors, 95% motorcycles and 55% cars locally.
The 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.
Raza Abbas Shah noted that payments amounting to Rs4 billion had been reimbursed to consumers for late delivery of vehicles under the consumer protection clause of AIEDP.
The minister for industries and production noted that the new policy would accelerate the growth & development of the automotive industry together with the quality and indigenization of the industry.
The minister further highlighted that the government would like to increase the footprint of EVs to mitigate the challenges of global warming.
Syed Murtaza Mahmud also directed the Engineering Development Board to lay out a plan to curb the issue of On-Money so that consumers could get vehicles timely at justified prices.
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