Lahore Chamber of Commerce and Industry (LCCI) has lauded the Economic Coordination Committee (ECC) for giving long-term auto policy and announcing tax exemptions and incentives to operate Gwadar Port.
The LCCI President Shahid Hassan Sheikh, Senior Vice President Yaqoob Tahir Izhar and Vice President Mubasher Sheikh said that with the implementation of new auto policy, 0.5 million new cars would be manufactured by 2011-12 against the current production of 0.2 million.
This is a good sign, as this step would help bridge demand-supply gap of automobiles in Pakistan besides cutting down huge import bill presently being incurred on the import of cars, they added. They hoped that the ensuing expansion plans of the automobile companies would generate more job opportunities and accelerate economic activity, especially in the downstream industries like auto-parts.
About the decision to give administrative control of Gwadar Deep Seaport to a Singaporean company, they said that the proposed investment of US $550 million over a period of 10 years would help strengthen national economy on the one hand while consolidating country's freight shipment and handling infrastructure in line with international standards.
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