The government has decided to formulate a new auto policy aimed at promoting local production and reducing the prices of vehicles, 24NewsHD TV channel reported on Sunday.
According to the report, the announcement was made during a meeting chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister on Industries and Production.
He said the policy would be developed through consultation with all relevant stakeholders to ensure a comprehensive framework.
Officials stated that boosting the local production of auto parts would be a central objective of the new policy.
The Ministry of Industries is currently compiling a detailed list of components that can be manufactured domestically as part of efforts to strengthen the local industry.
Khan said that locally produced parts would be provided appropriate protection over the next five years to support growth in the sector.
He added that the policy would play an important role in the development of the country’s automotive industry.
Reducing vehicle prices through effective policy measures has been identified as a key priority.
The meeting also reviewed proposals to offer special incentives for the manufacturing of electric vehicle parts, with officials noting that such measures could encourage investment in new technologies.
The Secretary for Industries informed participants that incentives were under consideration to promote innovation and support the transition towards modern automotive solutions.
Khan urged auto parts manufacturers to adopt electric vehicle technology in order to remain competitive in global markets.
He expressed confidence that, under the leadership of Shehbaz Sharif, the new policy would lead to a significant increase in local production and help boost exports.
He also directed the Engineering Development Board to ensure consultations with all stakeholders so that an effective and inclusive policy framework could be developed.
Reporter: Basim Iftikhar