KARACHI - Chief Executive Engineering Development Board, Tariq Ajaz Chaudhry has said that Automotive Policy 2016-21 will boost auto industry and end monopoly of manufacturing companies.

He said that the automotive policy would also help encourage new investment and bring down vehicles prices besides availability of vehicles with more advanced safety and other features.

He said that there was conducive environment for investment and four to five new famous auto brands were coming, and talks with them were under way in this regard. Tariq Ajaz Ch said that difference in vehicles’ demand, supply, prices and facilities after investment by these companies would be the success of auto policy. He pointed out that under the new automotive policy international level’s technology would be introduced in the country, as environment-friendly engines and the vehicles fitted with airbags and AGS system would be manufactured.

Besides, he said, “We will move from Euro-II fuel category to Euro-4 and Euro-6 fuel category. It will provide opportunity to new manufacturers to enter the market, and we will be able to export vehicles besides catering to local demand.” He said, “We intend to introduce world’s famous brands in Pakistan to encourage an environment of competition so that consumers could get vehicles of international standards at competitive prices.”

Answering a question about cut in the prices of steel and petroleum products, he noted that there had been considerable reduction in the prices, however, local manufactures had not transferred its benefit to consumers.

Replying to another question, he said that reservations of auto industry would also be addressed.