AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 131.50 Increased By ▲ 1.97 (1.52%)
BOP 6.83 Increased By ▲ 0.15 (2.25%)
CNERGY 4.49 Decreased By ▼ -0.14 (-3.02%)
DCL 8.80 Decreased By ▼ -0.14 (-1.57%)
DFML 42.30 Increased By ▲ 0.61 (1.46%)
DGKC 83.80 Increased By ▲ 0.03 (0.04%)
FCCL 33.00 Increased By ▲ 0.23 (0.7%)
FFBL 77.20 Increased By ▲ 1.73 (2.29%)
FFL 11.95 Increased By ▲ 0.48 (4.18%)
HUBC 109.76 Decreased By ▼ -0.79 (-0.71%)
HUMNL 14.27 Decreased By ▼ -0.29 (-1.99%)
KEL 5.52 Increased By ▲ 0.13 (2.41%)
KOSM 8.25 Decreased By ▼ -0.15 (-1.79%)
MLCF 39.35 Decreased By ▼ -0.44 (-1.11%)
NBP 64.24 Increased By ▲ 3.95 (6.55%)
OGDC 197.50 Decreased By ▼ -2.16 (-1.08%)
PAEL 25.90 Decreased By ▼ -0.75 (-2.81%)
PIBTL 7.68 Increased By ▲ 0.02 (0.26%)
PPL 156.85 Decreased By ▼ -1.07 (-0.68%)
PRL 26.35 Decreased By ▼ -0.38 (-1.42%)
PTC 18.00 Decreased By ▼ -0.46 (-2.49%)
SEARL 81.56 Decreased By ▼ -0.88 (-1.07%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.15 Decreased By ▼ -0.36 (-1.04%)
TPLP 8.80 Decreased By ▼ -0.26 (-2.87%)
TREET 16.78 Decreased By ▼ -0.69 (-3.95%)
TRG 59.10 Decreased By ▼ -2.22 (-3.62%)
UNITY 27.55 Increased By ▲ 0.12 (0.44%)
WTL 1.47 Increased By ▲ 0.09 (6.52%)
BR100 10,580 Increased By 173.3 (1.67%)
BR30 31,633 Decreased By -80.5 (-0.25%)
KSE100 98,922 Increased By 1594 (1.64%)
KSE30 30,800 Increased By 607.9 (2.01%)
Markets

Foreign Cos keen in manufacturing electric cars, mobile-phone in Pakistan

  • “VIVO [Chinese smartphone manufacturer] is purchasing land to establish a mobile manufacturing plant in Pakistan, whereas Samsung [South Korea technology giant] is actively drawing its feasibility but has yet to reach a conclusion, but we are optimistic,” said Azhar.
Published December 18, 2020

Minister for Industries and Production, Hamad Azhar has said that foreign companies are taking interest in the manufacturing of electric cars while foreign mobile-phone manufacturing companies are also taking a keen interest in Pakistan.

“Pakistan is among the three countries in the world operating the DIRBS software, which was implemented by PTA in the first year of the incumbent government. The deployment of DIRBS has eliminated smuggled phones from the market and has also helped in increasing taxes,” he said, while talking to a private channel.

He added that the government also announced tax incentives in the previous budget for the local manufacturers. “VIVO [Chinese smartphone manufacturer] is purchasing land to establish a mobile manufacturing plant in Pakistan, whereas Samsung [South Korea technology giant] is actively drawing its feasibility but has yet to reach a conclusion, but we are optimistic,” said Azhar.

The Economic Coordination Committee (ECC) approved Mobile Device Manufacturing and Electric Vehicles Policy (02-03 wheelers and HCDs) presented by the Ministry of Industries and Production.

After due deliberations, the forum approved removal of withholding tax of four percent on manufacturing to retailers of locally-manufactured phones to incentivize the sector.

Moreover, removal of sales tax on locally-manufactured phones was also approved in principle and modalities would be worked out in consultation with the Finance Division.

About EV Policy, Hammad informed that there are two points in the policy, the first point revolves around the import of cars, for which we have proposed tax/duy cuts, which were approved by the ECC. “This will make it more competitive, because the EV technology at the moment is more expensive than the internal combustion engine technology,” he said.

He said introducing electric vehicles in the country would help address environmental issues, secondly switching towards EVs would help in reducing our import bill which is mostly made up of POL products

Comments

Comments are closed.