ISLAMABAD, May 24: The Auto Industry Development Committee (AIDC) approved rules for assembling of vehicles in its second meeting on Saturday.

The meeting was chaired by Mohsin Syed, CEO, Engineering Development Board (EDB).

The main objective of the rules was to bring transparency, uniformity, predictability and fair competition among assemblers of vehicles and ensure production of safe and road-worthy vehicles.

The rules explain EDB’s role regarding verification of in-house manufacturing facilities, input and output ratio determination for imported inputs, verification of lists for import of parts and components under TBS.

Apart from receipt of annual reconciliated accounts, all inputs used for assembly / manufacture of vehicles and audits and provision of trade policy for import of CKD kits by registered assemblers have also been explained.

Representatives of the auto industry assured that they were ready to move to Euro-II standards in their new models and urged the government to assist them so that prices of environment-friendly cars may not increase.

The AIDC referred the matter to the committee for technical and fiscal level issues for deliberations.

The fiscal and technical committee was asked to examine in-depth special issues of the sector, the technical, technological issues and how local design houses could be developed for indigenous automobile products.

Earlier, Mohsin Syed, in his welcome remarks said that the objective of the committee was to encourage manufacturing of automobiles in Pakistan, develop local industry and generate jobs.

The committee was informed that a draft PC-I has been prepared by EDB for establishment of a technology acquisition fund which has been discussed with the authorities concerned. Likewise, the proposal on productive asset incentive has been communicated to the FBR. Under the fund, matching grant would be provided to industry to upgrade their technical level.—APP