The government would soon announce a new auto policy, said Finance Minister Ishaq Dar during a meeting with a delegation of Japan-Pakistan Business Co-operation Committee here. He said Pakistan offers competitive incentives to foreign investors and called on the Japanese businesses to expand their operations in the country.
He also called on the Japanese companies to set up textile industry in Pakistan to take advantage of cheap labour as well as possibility to export to Europe under the GSP Plus scheme. Meanwhile, talking to a high-level delegation of Yamaha Motor Corporation, Dar said Pakistan offers excellent business and investment opportunities with low labour costs, geographical proximity to the Middle East, Central Asian Republics and South Asia.
The Finance Minister welcomed the decision of Yamaha Motors to take advantage of the new-entrant policy of the government of Pakistan. The Yamaha delegation briefed the Finance Minister about the progress of work on its motorcycle manufacturing plant. The Finance Minister was informed that the plant would produce 31,000 units in the first year with a localisation of 25 percent.
Ishaq Dar was further informed that Yamaha would achieve 55 percent localisation in three years and 85 percent in five years. Yamaha delegation said that the Yamaha President would visit Pakistan in April this year to inaugurate the Yamaha motorcycle manufacturing plant.
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