Auto policy attracts global investors: EDB

KARACHI: The recently announced auto policy is attracting the world’s leading car manufacturers to the country and they are keen to make investments and looking for local partners, a top official said on Friday.

“Toyota, Volkswagon and Renault are inclined to joint ventures and investment in Pakistan,” said Tariq Ejaz Chaudhary, chief executive officer at the Engineering Development Board (EDB), talking with the office bearers of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

Chaudhary said the EDB is a facilitator of manufacturers/vendors of engineering components. “It does not compromise on the quality of the products and work for the safety and security of the consumers,” he said. He was critical of the local manufacturers of four wheelers for not introducing modern technologies related to the safety measures.

He also criticised them for not introducing the new models.

Ghazanfar Ali Khan, FPCCI’s chairman of standing committee on automotive, urged the EDB to support the existing assemblers for setting up a new Greenfield plant and grant the same incentives as offered to the new entrants.  

Khan said the government should not declare zero-rate on the import of auto parts, “otherwise vendor industry would be closed.”