ISLAMABAD: The Apex Committee (AC) of Special Investment Facilitation Council (SIFC) has directed the Ministry of Industries and Production (MoI&P) to move a summary to the Economic Coordination Committee (ECC) of the Cabinet for resolution of issue of licence to Premier Motors (Volkswagen), official sources told Business Recorder.
During the eighth meeting of AC, Ministry of Industries and Production noted that approval for manufacturing under concessionary regime of Auto Development Policy (ADP) 2016-21 was linked to completion of the Company’s manufacturing facilities by Feb 2022.
However, since the manufacturing facilities were not completed by the Company within due time and ADP 2016-21 expired in June 2021, approval of ECC and Cabinet is required to grant concessions by the Government under previous policy.
During the Working Group (WG) meetings Law & Justice Division apprised that MoI&P may grant relaxation in time for completion of manufacturing facilities as per investment agreement signed with MoI&P.
However, for provision of incentives available under previous policy, ADP 2016-21, approval of ECC is required.
After discussion on the issue of licence to Premier Motors, the AC, SIFC, directed Ministry of Industries and Production to move summary top the ECC for provision of incentives to the company as per previous ADP.
Ministry of Industries and Production, sources said, is expected to update the Executive Committee of the SIFC which is scheduled next week.
Copyright Business Recorder, 2024
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