Pakistan’s Ambassador to China Moin-ul-Haque attended the Pakistan Automobile Industry Roundtable Seminar at the Pakistani Embassy in Beijing, China, on Wednesday, and stated that the government plans to increase the annual production of vehicles to 8 million units over the next five years.
He said that the industry is growing remarkably, propelled by the latest policies made to benefit it. Additionally, the demand for vehicles is at an all-time high, rendering the automotive industry one of the fastest-growing investment avenues in the country.
Ambassador Haque highlighted that several Chinese automakers are thriving in Pakistan while 10 new automakers from China are in the process of forming joint ventures with local conglomerates in order to enter the local car market.
He added that the carmakers from China, including new-energy vehicle manufacturers, are welcome to establish their manufacturing plants in Pakistan under the Greenfield and Brownfield status. “We are setting up special economic zones where we are inviting the Chinese investors to come and set up their manufacturing units,” he stated.
Ambassador Haque also emphasized that it is currently opportune for new automakers to come to Pakistan as the government is forming a new policy that will include more incentives and tax reliefs for all the automakers in the country.