BEIJING: Pakistan is planning to enhance its annual production of automobile from existing 250,000 units to about six to eight million units during next five years, Pakistan Ambassador to China, Moin ul Haque said here on Wednesday.
“It is a bit ambitious target but it is possible to achieve this target due to the yearly growth in production as well as interest showed by different automobile companies from across the world especially from China which plans to invest in Pakistan,” he said while addressing Pakistan Automobile Industry Roundtable Seminar held at Pakistan Embassy, Beijing.
The representatives of over 50 renowned automobile companies from different parts of China attended the seminar. While addressing the participants, the ambassador said that a number of the Chinese companies are already in Pakistan in automobile manufacturing sector while up to 10 new companies have showed interest to invest in Pakistan and are in the process of having joint ventures with their local partners in the private sector.
He informed that the government is formulating a new and very attractive automobile sector policy which will be announced soon, adding, more incentives and concessions in taxes are likely to be offered in the new policy.
Ambassador Haque said that automobile companies including manufacturers of energy vehicles from China will be invited to set up their plants both in the Greenfield and Brownfield sectors.
Giving details about the automobile sector in Pakistan, he said that the automobile is the fastest growing sector in Pakistan because of the large demand in view of the population which is close to 220 million people. –Agencies
