ISLAMABAD, Aug 29: Industries and Production Minister Liaquat Ali Jatoi has asked Dong Feng Motor Corporation to manufacture cars in Pakistan, which should be available to common man at affordable price.
Addressing a ceremony organized by Dong Feng Motor here, the minister said there was substantial potential market of auto sector in cars in Pakistan even for 4 by 4 pickups.
Due to liberal investment policy, there is no upper limit on foreign equity and foreign ownership of industrial projects. There is also no restriction on remittance of profit, dividends, payment of royalty and technical fee, he added. The minister said in order to boost automobile industry various steps were being taken. Vendor industry in Pakistan will be supported to upgrade its technological joint ventures and technology tie-ups. The under invoicing and misdeclaration of parts and CBUs both will be strictly checked. Original equipment manufacturers will be persuaded to renegotiate existing agreements with foreign partners to permit export of cars, tractors, buses, etc., from Pakistan, the minister maintained.
Mr Jatoi said the investment of Dong Feng through joint venture with Sindh Engineering would encourage the investors and hoped that auto sector would fetch more investment.—APP
