Federal Secretary for Industries and Production, Khizar Hayat Gondal has said that investment under Automotive Development Policy (ADP) 2016-21 is very critical for growth in the sector and for overall economy of the country.
“Hence, due priority to this area will be accorded by all the relevant government agencies for speedy processing of investment proposals and other allied facilitation required in this regard,” he said during a meeting on prospective investors under the ADP, co-chaired by Secretary Board of Investment (BOI) Azher Ali Chaudhry.
At the very outset, highlighting the purpose of the meeting, Gondal assured the prospective investors that no hindrance will be allowed to cause delay at any level and if they face any difficulties or snag in smooth processing of their cases, the matter be brought to the notice of Secretary, MoIP or BOI as the case may be, directly.
He also decided to hold a similar meeting on monthly basis to put the implementation of all such investment proposals on fast track. Secretary BOI, Azher Ali Chaudhry fully echoed the spirit and content of the views expressed by Secretary, MoIP and vowed to support the investment proposals through personal involvement and putting in place stricter monitoring regime.
All the investors present briefed on the progress of all the cases of Greenfield Investment under ADP 2016-21 and shared the difficulties being encountered by them. Secretary, MoIP directed EDB to take necessary measures to process all the cases expeditiously and strictly within the framework of the Policy for determination of their eligibility or otherwise for incentives under Greenfield Investment in the Policy.
It was informed in the meeting that some of the investors are at advanced stage of implementation of their projects and hopefully their products will be in the market by the end of Year 2017. This progress was noted with satisfaction and it came out of the meeting that new Auto-Policy is really taking off.
The investors expressed their satisfaction on the re-assurance of the Secretaries MoIP and BOI and hoped that new investment in the auto sector will bring about healthy competition in the sector and help overcome the shortage in the availability of passenger and commercial vehicles. It was agreed to hold the next such meeting in the second week of July, 2017.
CEO, Engineering Development Board (EDB), Ministry’s officials and representatives of the prospective investors also attended the meeting.