KARACHI: Federal Industries Minister, Jahangir Khan Tareen said Thursday that the government will announce a long term policy for modernizing truck and buses manufacturing in Pakistan.
He was talking to newsmen after presiding over the meeting with the chief executives of trucks and buses assemblers at PIDC House.
He said that the government wanted to ensure that the entire domestic demand for trucks and buses is catered by the locally assembled heavy vehicles in the country in next five to ten years and that too at reasonable prices.
Replying to a question about the financing, the minister said that currently this sector was getting credit from informal sector at very high rates. We will ensure that this sector should secure financing from formal banking sector at market rates, he added.
To another question about the smuggled heavy vehicles and their illegal conversion in Pakistan, he said that it will be checked and stopped to protect local industry.
"We want to completely modernize truck and bus manufacturing sector in Pakistan. We want to resolve all the problems facing this sector so that it can meet all the local requirements, produce quality stuff at affordable prices ", he added.
He said a workshop is being organised by the Ministry in Islamabad on February 13, for all the stakeholders to gather the inputs for preparing medium and long-term policy for this sector.
Jahangir Tareen said all the problems and issues facing this sector will be taken up at this workshop for preparing an implementation plan.
He pointed out that provincial governments will also be taken along to create the sense of ownership among them and promote truck and bus assembly in the country on sound footing.
Talking of auto policy, the minister said that tariff structure is ready for this sector and this will be presented for approval at the next meeting of Economic Coordination Committee (ECC) of the Cabinet.
He said that government also wanted to protect the interest of consumers and this policy will also ensure that the menace of own money and premium is totally eliminated and people get good quality automobile at right price.
He said that from now all the policies will be long term to ensure continuity allowing long term investment and job creation.
He said more and more new auto players including South Korean, Chinese giants are coming in Pakistani automobile sector.
Source: Jang