ISLAMABAD: In a bid to promote local auto parts industry, the Ministry of Industries and Production is trying to rationalise the duty on input materials.
This was stated by Federal Minister of Industries and Production Ghulam Murtaza Khan Jatoi, while addressing an event organised by Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM).
Pakistan’s auto industry is rapidly growing and so is the need for auto parts manufacturing, he said, adding, it is his vision that Pakistan becomes self-sufficient in auto-parts production.
He said country has a healthy base of auto-parts manufacturing companies but the number of industrial units should increase, and at the same time it is crucial to incorporate latest technologies in order to compete with other countries. He said that Automotive Development Policy is in its final stages of formulation before it is presented to the ECC for final approval.
The minister said that Pakistan’s auto-mobile parts industry has a huge potential. If managed effectively, this potential can make Pakistan a leading exporter of auto-parts. He proposed that PAAPAM should formulate a comprehensive strategy to counter excessive import of parts which has an adverse impact on our import bill.
