The Ministry of Industries and Production (MoI&P) has awarded Greenfield status to two more companies M/s Topsun Motors and Pak China Motors.
The number of companies which have been awarded Greenfield status is now 10. Two companies have been awarded Brownfield status under the Automotive Development Policy 2016-21.
According to the notification, the MoI&P says that in pursuance of the Economic Co-ordination Committee's (ECC) decision of March 18, 2016, on "Automotive Development Policy (ADP) 2016-21" Government of Pakistan has awarded the "category-A Greenfield Investment Status" to M/s Topsun Motors Ltd and Pak China Motors for assembly/manufacture of vehicles covered in the exclusive contract agreement signed by the firm with their principal subject to the following conditions: (i) M/s Topsun and M/s Pak-China shall strictly adhere to the conditions laid down in Notifications No. 2(9)/2013-LED-II of June 2, 2016; (ii) the company would enter into agreement with the Ministry of Industries and Production, to ensure compliance to conditions of the ADP 2016-21. SRO 656(1)/2006 (updated vide SRO 483(1)/2016 June 29, 2016) and various timelines for completion of the project for availing incentives under the ADP 2016-21; and (iii) EDB shall issue manufacturing certificate and list of importable components to new investors after it verifies that the manufacturing/assembly facilities established by the firm are adequate to produce roadworthy vehicles.
The policymakers argue that as new production starts in the country, prices of cars will come down as in the case of motorcycles.
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