• Login
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion
No Result
View All Result
Times of Pakistan
No Result
View All Result
Home Business

Govt asks China to establish car plant in EPZs

ToP by ToP
August 17, 2021
in Business, Pakistan
0
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

The Ministry of Industries and Production (MoI&P) offered Chinese government to establish electric cars manufacturing plant in Export Processing Zones (EPZs) in Karachi or Gwadar.

Pakistan invited Chinese investors to set up such a facility in the EPZs with a view to target Middle East market which in addition to having close proximity to Pakistan is a Trans-shipment hub for re-export to other countries of Middle East, Far East, Africa, Europe, America and Central Asia. Best locations for establishment of such a plant were Karachi and Gwadar.

Attractive incentives for manufacturing in EPZ were that an import of all the inputs for manufacturing in the EPZs were exempted from all the duties and taxes for the purpose of exports and from this zone was on 0 percent duties. More incentives available to Petrol or Diesel cars plants were also under consideration.

The Chinese government was determined to become a world leader in green technology and it planned to invest billions of dollars over the next few years to develop electric and hybrid vehicles. According to available information, China had planned to have five million electric cars on the roads by 2020, which accounts for 35 percent of the global electric vehicle market. Presently a local entrepreneur has set up a facility for manufacturing of electric car with the name of Karakoram Motors Company at Karachi.

The plant has been relocated from Canada. This facility was basically intended for export and local market. The company had successfully manufactured a prototype of electric car. The government of China as a joint venture with Karakoram Motors Company or with 100 percent equity may explore possibility of making Pakistan as hub of manufacturing and marketing electric cars in this region and beyond. After the permission of import of used cars up to 5 years old, the ministry under the directives of the Minister Mir Hazar Khan Bijarani had prepared a proposal for allowing the import all other vehicles except motorcycles and three wheelers which include Buses, Coaches, Wagons, Trucks and Tractors etc up to 5 years old as well.

The ministry has prepared a new entrant policy for automobile sector in which the government had decided to invite China particularly and all other international market players of auto industry to invest in Pakistan through joint venture or any other practicable option for car manufacturing.

For starting an immediate production of cars, the ministry could provide already prepared bases in its SOEs like HMC, HEC, PMTF, PECO, KTDC, TUSDEC and SEL etc. The new entrant policy allows import of 100 percent CKD at leviable rate of Custom Duty for a period of 3 years which the custom duty would commence from the date of manufacturing of car. The existing customs duty on import of CKD parts was 32.5 percent whereas the ministry has offered an attractive incentive of customs duty for new entrants, on import of CKD for first 3 years. First year was 5 percent, 2nd year 10 percent and 3rd year 20 percent customs duty would be charged on import of the CKD. During this period (first 3 years) the new investors would be required to achieve localization/deletion to the extent of 50 percent by value. After the first 3 years, the new entrants should be allowed import of non-localised parts at the leviable rates that are 32.5percent of customs duty for a further period of 2 years. Thereafter the new entrants would be required to match the levels achieved by the existing players. staff report – Dailytimes

Previous Post

Sneakpeak at upcoming Lollywood flicks

Next Post

400-member FPCCI delegation to meet Chinese investors

ToP

ToP

Related Posts

Colors of state media’s electronic banners, websites’ logos changed to mourn UAE President’s demise: Marriyum
Pakistan

Colors of state media’s electronic banners, websites’ logos changed to mourn UAE President’s demise: Marriyum

by Top
May 16, 2022
PM orders immediate restoration of NCOC after detection of Omicron’s sub-variant
Pakistan

PM orders immediate restoration of NCOC after detection of Omicron’s sub-variant

by Top
May 10, 2022
Present govt does not believe in restrictions on media freedom, controversial PMDA abolished: Marriyum
Pakistan

Present govt does not believe in restrictions on media freedom, controversial PMDA abolished: Marriyum

by Top
April 28, 2022
PM directs reinclusion of BISP beneficiaries unduly dropped by previous government
Pakistan

PM directs reinclusion of BISP beneficiaries unduly dropped by previous government

by Top
April 28, 2022
Pakistan values its ties with U.S. based on mutual respect, trust: Khar
Pakistan

Pakistan values its ties with U.S. based on mutual respect, trust: Khar

by Top
April 27, 2022
PM desires further strengthening of Pak-Saudi ties in diverse fields
Pakistan

PM desires further strengthening of Pak-Saudi ties in diverse fields

by Top
April 26, 2022
PM announces special remission in sentences of prisoners: Marriyum
Pakistan

PM announces special remission in sentences of prisoners: Marriyum

by Top
April 25, 2022
Next Post

400-member FPCCI delegation to meet Chinese investors

Popular Stories

  • Nausheen Shah faces backlash and attacks for her post about being unmarried in Pakistan

    Nausheen Shah faces backlash and attacks for her post about being unmarried in Pakistan

    0 shares
    Share 0 Tweet 0
  • Pakistan’s world snooker champion Asif gets hero’s welcome on return

    0 shares
    Share 0 Tweet 0
  • 10 Most Attractive Female Armed Forces

    0 shares
    Share 0 Tweet 0
  • Pakistani philanthropist wins ‘Asia’s highest honour’

    0 shares
    Share 0 Tweet 0
  • Bare-Chested Tribal Women Greets Kate Middleton On Royal Tour In Solomon Islands

    0 shares
    Share 0 Tweet 0
Times of Pakistan

About Times Of Pakistan

kralbetbetturkeyikimislibahis1xbetm.infohipas.infohttps://www.wiibet.com/restbetcdn.com

Other Categories

  • Beautiful Pakistan
  • Fashion News
  • Funny News
  • Viral Videos
  • Weird News

Recent Posts

  • Colors of state media’s electronic banners, websites’ logos changed to mourn UAE President’s demise: Marriyum
  • PM orders immediate restoration of NCOC after detection of Omicron’s sub-variant
  • Present govt does not believe in restrictions on media freedom, controversial PMDA abolished: Marriyum

Times Of Pakistan © 2021. Design & Developed by E2E Solution Providers.

No Result
View All Result
  • Home
  • Pakistan
  • International News
  • Business
  • Sports
  • Entertainment
  • Opinion

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In