A three-members team of Engineering Development Board (EDB) headed by Zahid Yaqub, GM (Policy) visited the factory of Pakistan Cycle Industrial Co-operative Society Ltd (PCICS) situated 28 km from here on Wednesday. The team went around various shops of the factory in four hours visit and discussed with the management the future of cycle industry in the country.
Chairman PCICS Mohammad Akram Sheikh, on the occasion said that Pakistani cycle industry had bean given new lease of life with zero-rated sales tax in the current budget. He paid tributes to EDB for its efforts to get the required relief from the government.
He added that the sale of their products was increasing since then and currently, it had reached 2000 units against 500 in June 2007. The Chairman said that reduction in duty had also increased the import of cycles in the country but the local industry was competing.
However, he added that the menace of under invoicing was badly affecting them. He said that various parts of cycle were being imported at much below the cost of its single component.
The chairman highlighted the corporate nature of the organisation and said that 20 blind workers were provided jobs in the factory and a full-fledged hospital was serving the people of the area without any charges.