Islamabad, September 29, 2015 (PPI-OT): Federal Minister for Industries and Production Ghulam Murtaza Khan Jatoi has announced that Automotive Development Policy is in its final stages of formulation before it is presented to the ECC for final approval. The Ministry of Industries and Production is also trying to rationalize the duties on input materials to promote local manufacturing of auto parts.
He said this is in his address to an event organized by Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM). He said that the Federal Government is committed to enhance the local automotive parts industry. Pakistan’s auto industry is rapidly growing and so is the need for auto parts manufacturing.
He said that it is his vision that Pakistan becomes self sufficient in auto-parts production. Pakistan has a healthy base of auto-parts manufacturing companies. But the number of industrial units should increase. At the same time it is crucial to incorporate latest technologies in order to compete with other countries.
The minister said that Pakistan’s auto-mobile parts industry has a huge potential. If managed effectively, this potential can make Pakistan a leading exporter of auto-parts. He proposed that PAAPAM should formulate a comprehensive strategy to counter excessive import of parts which has an adverse impact on our import bill. The new Auto Industry Policy will surely give a kick -start to the local parts industry.
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