Auto revolution depends on success of EV Policy: LCCI

LAHORE: An auto revolution is knocking at the doors as the government has already approved Electric Vehicles (EV) Policy 2020-2025.

However, to achieve the desired goals, its implementation in letter and spirit is a must, believes Lahore Chamber of Commerce and Industry (LCCI) President Mian Tariq Misbah.

Talking to the media here on Thursday, he said that Electric Vehicles Policy 2020-2025 would resolve the issues of high import bill, cost of transportation, drastically rising pollution and various other issues.

He said it was a very good sign that the government was serious for the technological advancement of the country and had already approved five-year Electric Vehicles Policy 2020-2025.

He said that under the policy, a target had been set to have a 30 per cent and 90 per cent share in passenger vehicles and heavy duty trucks by 2030 and 2040 respectively.

Pakistan would overcome two more major economic and social issues by promoting use of plug-in electric vehicles. First, a major cut in oil import bill and second reduction in emission that was a major cause of air pollution and smog, he remarked and added that electric vehicles would provide more than just individual benefits to the country.

He said that Pakistan had a heavy oil import bill of averaged $ 13 billion annually. It was a major reason of trade deficit and had always been a source of discontent and disequilibrium for economic stability and growth. He said that climate change had also become a biggest challenge for Pakistan. Fossil fuel operated vehicles were adding to the dreadful environmental conditions.

The LCCI President said that Electric Vehicles would help Pakistan have a great diversity of fuel choice for transportation and country would be witnessing a definite cut in oil import bill. He said that implementation of “Electric Vehicles Policy 2020-2025” in true sense of words would also reduce the threat of jumps in oil prices in the international market and supply disruption as country has witnessed in past.

The LCCI President added that the policy had a phased transition of the automobile industry and would be covering two and three wheelers and heavy commercial vehicles. He hoped that the policy would be covering more during the time to come.

Mian Tariq Misbah said that electric vehicle industry in United States had given a new direction to the auto industry and this experience can be fruitful more than expectations in Pakistan also.

The LCCI President urged the government to disseminate information about aims and objective of the “Electric Vehicles Policy 2020-2025” that would not only create awareness amongst the masses but also pave way for domestic and foreign investment in this sector.