New auto policy to reduce vehicle prices

ISLAMABAD: It has been decided to formulate a new auto policy to promote local production and reduce vehicle prices.

Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar says that the new policy will be formulated in consultation with all stakeholders.

Promoting local production of auto parts is the main goal of the government’s auto policy.

A meeting chaired by Special Assistant to the Prime Minister on Industries and Production Haroon Akhtar discussed the new auto policy in detail, in which special importance was given to the local production of auto parts. The meeting also considered proposals to provide special incentives for electric vehicle (EV) parts manufacturing.

Haroon Akhtar Khan said on this occasion that the ministry is compiling a comprehensive list of locally manufactured auto parts. In the next five years, locally manufactured parts will be provided with adequate protection so that the local industry can be promoted. The new auto policy will be comprehensive and will play an important role in the promotion of the country’s automotive sector. Reducing vehicle prices through effective policy measures is a key priority of the government.

The Industries Secretary said that these incentives are under consideration to promote investment in new technologies.
Keeping in mind the modern requirements, Haroon Akhtar Khan urged auto parts manufacturers to shift towards electric vehicle technology to maintain competitiveness in the global market.

Haroon Akhtar said that the new auto policy under the leadership of Prime Minister Shehbaz Sharif will significantly increase local production and promote exports. The policy will be prepared in consultation with all stakeholders.

Haroon Akhtar Khan directed the Engineering Development Board to ensure consultation with all relevant stakeholders so that a comprehensive and effective policy framework can be formulated.