KARACHI: The Ministry of National Food Security and Research (MNFS&R) is reportedly working on a proposal to allow import of completely built unit (CBU) agricultural tractors by reducing customs duty to zero percent, a statement said on Monday.
The ministry may have framed its baseless and typical arguments in support of this proposal, but the news has sent a shock wave across the local tractor and part manufacturers, it said.
Pakistan Automotive Manufactures Association (PAMA) strongly criticised the proposal and termed it damaging and devastating for the industry.
PAMA Director General Abdul Waheed Khan said that for the last three years, there has been a remarkable growth in the auto industry of the country except in the case of agricultural tractors, which is now, fifth-year in running, continued to be in a state of turmoil.
During the first nine months of the current fiscal year (9MFY16), it has registered total sale volume of 22,169 units, which is lowest in the last 15 years.
These figures tell us that against a total annual capacity of 91,000 units; a mammoth 68 percent installed capacity in the country is standing idle.
Sheikh argued that the government should have maintained stable petroleum prices
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