In the past six months, auto financing soared from Rs211 billion to Rs262 billion, a jump of Rs51 billion. Speaking to The Express Tribune, he urged the federal government and policymakers to ensure that no further concessions or extensions were offered in the AIDP 2021-26 for the new entrants or existing players of the auto industry. He said that owing to the incentives offered to the new entrants, the stagnation in Pakistan’s auto industry had ended and large-scale investment in car manufacturing created countless employment opportunities while consumers had a wider choice of vehicles now. “The players who have got concessions under the new entrant policy must act to increase production of vehicles and localisation of parts,” he stressed. He said that in order to drive car prices downward and stimulate the auto industry, the reduction in customs duty was a must.

Source: The Express Tribune April 27, 2021 03:33 UTC