Pakistan is planning to enhance its annual production of automobiles from existing 250,000 units to about six to eight million units during the next five years, Pakistan Ambassador to China Moin ul Haque said on Wednesday. “It is a bit ambitious target but it is possible to achieve this target due to the yearly growth in production as well as interest showed by different automobile companies from across the world especially from China which plans to invest in Pakistan,” he said while addressing Pakistan Automobile Industry Roundtable Seminar held at Pakistan Embassy, Beijing. The representatives of over 50 renowned automobile companies from different parts of China attended the seminar. While addressing the participants, the ambassador said that a number of the Chinese companies are already in Pakistan in automobile manufacturing sector while up to 10 new companies have shown interest to invest in Pakistan and are in the process of having joint ventures with their local partners in the private sector. He informed that the government is formulating a new and very attractive automobile sector policy which will be announced soon, adding, more incentives and concessions in taxes are likely to be offered in the new policy. Ambassador Haque said that automobile companies including manufacturers of energy vehicles from China will be invited to set up their plants both in the Greenfield and Brownfield sectors. Giving details about the automobile sector in Pakistan, he said that the automobile is the fastest growing sector in Pakistan because of the large demand in view of the population which is close to 220 million people. In the past, the Japanese manufacturers had set up their production units but in recent times the Chinese automobile companies also started looking at the opportunities available in Pakistan. He said that China is now becoming one of the leaders of automobile manufacturers in the world with very high-quality products and expressed the pleasures that the Chinese companies have also entered the Pakistani automobile market. While sharing the opportunities under the China Pakistan Economic Corridor (CPEC), he said that the flagship project of the Belt and Road Initiative (BRI) has entered into the second phase which is focusing industrialization, science and technology and agriculture sectors. “We are setting up special economic zones where we are inviting the Chinese investors to come and set up their manufacturing units,” he added. Ambassador Haque said that special incentives and policies have been announced for the Chinese companies and so far close to 100 Chinese companies have already been established are in the process of establishing their units in the special zones. He said that the infrastructure like roads, highways and communication networks is being upgraded in Pakistan and invited the Chinese companies to take advantage of all these incentives and expand their presence. Welcoming the representatives of the automobile companies, Commercial Counselor, Badar uz Zaman said that the new automobile policy for the years 2021 to 2026 will soon be announced offering more incentives and benefits to local and foreign investors. He informed that under the current automobile a number of new companies particularly Chinese manufacturers entered in Pakistani market. Badar said that a number of Chinese comanies are already setting up their businesses in Pakistan while some new companies are keen to invest in Pakistan owing to investment-friendly policies offered by the present government. He informed the companies that the government has formulated rules and regulations which support foreign investment in Pakistan. Badar also shared details of the incentives, concessions in the taxation and easy repatriation of profits. “Many local companies listed with the stock exchange are very keen and are looking forward to the Chinese partners for the joint ventures,” he added. He said that there are over 600 auto parts manufacturers who are also supplying the parts to the existing players, adding, “We offer very comprehensive auto financing policies and the banks are very active. And the amount that has been financed in cars is three times more than the housing finance in Pakistan.”t The commercial counsellor also shared with the companies details of concessions on taxes, duties and particularly cheap labour. He said that in the current global scenario when there is a supply chain shock, and it is difficult to move things from one place to another place, it is the right time for the Chinese investors to take advantage of Pakistan location, low wages and other benefits. Later, representatives of the companies who are already operating in Pakistan shared their experiences and put forward some useful proposals. Some new companies which plan to enter into Pakistani automobile industry asked questions and more details about the policies.