The Economic Coordination Committee of the Cabinet headed by Finance Minister constituted a committee to review the Auto Policy and recommended new measures for expansion, investment and consumer protection in Auto Sector of Pakistan. The committee was headed by Khawaja Muhammad Asif, Minister for Water & Power and included Dr. Miftah Ismail, Minister of State /Chairman Board of Investment. The committee held several meetings and interacted with all stakeholders and under the guidance of Khawaja Muhammad Asif came up with new policy package to attract Greenfield investment as well as revive the existing closed auto units in the country. The engineering side draft of the policy was prepared by Engineering Development Board whereas Dr. Ismail prepared financial part of the policy. After approval of the policy Dr. Ismail made number of meetings and efforts to attract investment in auto sector. He met stakeholders of the sector in Pakistan and also visited abroad to lure in foreign companies in the auto sector. He met foreign companies like Volkswagen, Peugeot, Renault, Fiat and Nissan. During the Eid-ul-Azha holidays, Finance Minister Mr. Dar himself alongwith Dr. Ismail visited France and met the top leadership of Renault. As the result of Finance Minister’s efforts and persuasion, Renault has decided to invest in Pakistan. They will start assembling cars in Pakistan by 2018. This is another feather in the cap of Prime Minister Nawaz Sharif’s economic policy and vision.
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