Islamabad July 29 2021: Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, presided over a meeting to review a draft Auto Industry Development and Export Policy (AIDEP) 2021-2026.
We should come up with innovative products for provision of car financing at reduced mark-up to consumers so that everyone can afford a car at flexible terms and conditions.
Finance Minister
The key focus of AIDEP is to strengthen the competition within locally manufactured vehicles in order to provide high quality vehicles at affordable prices to the consumers in the country. It also includes increase in export of automobile parts and vehicles to earn a valuable foreign exchange.
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The vision of the Auto Industry Development and Export Policy (AIDEP) 2021-26 shall be to make Pakistan a hub for competitive manufacturing of autoparts and vehicles for local markets as well as for exports said Secretary, M/O Industries and Production while briefing the participants
The Ministry of Industries and Production confirmed that prices of vehicles have been reduced commensurate with reduction in taxes and the industry has widely advertised for the information of the general public. The policy would encourage exports of vehicles and automobile parts.
The Finance Minister also underscored the importance of Electric Vehicles (EVs) and affirmed to provide incentives for developing Electric Vehicle market in Pakistan including EV charging infrastructure. The promotion of EVs will reduce dependence on oil import bill and promote environment friendly options.
The Ministry of Industries and Production confirmed that prices of vehicles have been reduced commensurate with reduction in taxes and the industry has widely advertised for the information of the general public. The policy would encourage exports of vehicles and automobile parts.
The Finance Minister also underscored the importance of Electric Vehicles (EVs) and affirmed to provide incentives for developing Electric Vehicle market in Pakistan including EV charging infrastructure. The promotion of EVs will reduce dependence on oil import bill and promote environment friendly options.
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Advisor to Commerce stated that the existing tariff structure needs to be rationalized (in a phased manner) to promote auto industry in Pakistan, keeping in view, the objective of localization i.e. to encourage local auto industry to come-up with high quality vehicles within affordable range. In his concluding remarks, the Finance Minister emphasised broad-based consultation with key stakeholders on board to come up with an all-encompassing and futuristic auto policy.
Advisor to Commerce stated that the existing tariff structure needs to be rationalized (in a phased manner) to promote auto industry in Pakistan, keeping in view, the objective of localization i.e. to encourage local auto industry to come-up with high quality vehicles within affordable range. In his concluding remarks, the Finance Minister emphasised broad-based consultation with key stakeholders on board to come up with an all-encompassing and futuristic auto policy.
Federal Minister for Industries and Production Mr. Khusro Bakhtiar, Advisor to the PM on Commerce Mr. Abdul Razak Dawood, SAPM on Finance and Revenue Dr. Waqar Masood, Secretary Finance Division, Secretary Commerce, Secretary M/O Industries and Production, Chairman FBR and other senior officers participated in the meeting.
In his remarks, the Finance Minister stated that the proposed Auto Industry Development and Export Policy (AIDEP) aims at expansion of auto industry in Pakistan by increasing the production of cars, motorcycles, tractors etc. The top most priority is to ensure consumer welfare through availability of cars at affordable rates for the middle and lower income groups. With this end in view, the Government has provided major relief to the consumers by reducing Sales tax on 850cc cars along with exemption from Value-added tax in the Federal Budget 2021-22.
