Board of Investment Chairman Dr Miftah Ismail said that five new auto companies in Pakistan to manufacture cars will be introduced hence, reducing competition and prices for the consumers.
He said that Automotive Development Policy was aimed towards providing cheaper cars to consumers with delivery on time.
He said that government was making an organization to regulate the quality of car engines and also reduced taxes on imported cars, the buses and trucks’ spare parts have also been reduced.
With people having the option of imported cars open to them, local manufacturers will also be motivated to produce quality cars.
Pakistan Economic Forum Chairman Humayun Iqbal Shami said the automotive policy is crucial to increasing competition in the local market as cars prices were reaching skies.
He further added that the new policy bounds the company to deliver car within two weeks after the payment has been made. This would lead to competition and better quality as Pakistan has the capacity to locally manufacture automobiles.
Economist Dr. Saboor Ghayur stated that the policy would enable new competitors to establish their units and effectively compete with the three well-entrenched assemblers.
Export of products through this policy could help create many job opportunities, increasing country’s GDP, revenues and strengthening demand on large scale.
