The government has decided to share the vision of leading auto industrialists and economists to respond to the global challenges and framing a growth and export-oriented auto policy, Business Recorder learnt on Monday.
The auto industry needs foreign direct investment (FDI), acquisition of latest technologies, expansion in existing capacity and rationalisation of tariff regime to transform the existing auto sector into a globally competitive and export-oriented industry. The auto sector has been facing many challenges, and was lacking a responsive strategy, which could trigger growth in the industry to get its share from the world market.
A workshop on "Future of Auto Industry in Pakistan" is being organised by the Engineering Development Board (EDB), working under the Ministry of Industries, Production and Special Initiatives for the development of the engineering sector.
The officials said the workshop would provide a platform to initiate the dialogue process on the key issues of the automotive industry, challenges ahead and frame a strategy to trigger growth in this industry.
The government wants to share the vision and opinion of the leading auto industrialists and eminent economists to make auto industry a major driver of economic growth.
They said the EDB has also proposed to the government to introduce tariff-based customs duty in the automobile sector to fulfil the WTO obligation for which the work is underway.
The proposal once finalised and approved will be forwarded to the Central Board of Revenue (CBR) for incorporation in the upcoming budget.
They said the EDB has also proposed low tariff on the parts not being manufactured locally. However, one would be free to import any particular parts by paying high duty.
"The proposal was prepared keeping in view the inputs of all major stakeholders, including assemblers, manufacturers, not only to meet the need of local industry but also to comply with the obligation of WTO", they added.
Comments
Comments are closed.