According to Raza Abbas Shah, CEO of the Engineering Development Board (EDB), who talked to Minister of Industries and Production Makhdoom Syed Murtaza Mahmud earlier today, manufacturers produced 215,776 vehicles, jeeps, SUVs, and LCVs in 2021 despite COVID-19.
During an industry briefing earlier today, CEO EDB stated that the automotive sector is progressing as a result of the incentives provided in the Automotive Development Policy (ADP) 2016-21 and Automotive Industry Development and Export Policy (AIDEP) 2021-26.
He also indicated that, assuming current operations continue, the company will meet its annual production target of up to 300,000 units this year.
According to EDB’s CEO, the newest edition of the Automotive Development Policy (ADP) 2016-21 promoted the entry of seven new automakers into the local market.
According to him, Pakistan has achieved 92 percent localization in tractor manufacturing, 95 percent localization in bike manufacturing, and 55 percent localization in vehicle manufacturing. He further added that the EDB has issued eight licenses to EV-based Original Equipment Manufacturers (OEMs) in Pakistan to produce two- and three-wheelers.
According to the Minister, the new strategy is crucial in securing the growth and development of the automobile sector. He also advised the EDB to increase its efforts to resolve the On-Money problem.