ISLAMABAD: Federal Minister for Industries and Production Rana Tanveer Hussain on Wednesday announced that the draft for the new five-year Electric Vehicle (EV) Policy 2025-30 has been finalised in consultation with all the stakeholders.
Speaking at a press conference, he said that the government is committed to promoting environmentally-friendly vehicles and reducing the import bill.
He highlighted the ambitious target of having 30 per cent electric vehicles on Pakistan’s roads by 2030, with an interim goal of achieving 100 per cent EV penetration by 2025.
Electric Vehicle policy to be announced by end of November: Tanveer
Under the EV policy, attractive incentives will be offered to investors to boost production.
Prime Minister Shehbaz Sharif has taken special measures to introduce electric vehicles in Pakistan, including the formation of a high-level steering committee to finalise the EV policy. Efforts are underway to incentivise companies, with production of four-wheel electric vehicles expected to commence next year. The government has also approved a subsidy of PKR 4 billion for electric scooters and motorcycles. Under this scheme, electric bikes will receive a subsidy of PKR 50,000 each, while three-wheelers will be subsidised by PKR 200,000.
The minister emphasised that EVs are essential for reducing pollution and the reliance on imported fuel.
He stated that banks have been engaged to offer soft loans alongside government subsidies, ensuring affordable financing options.
Foreign investors, including those from China, have expressed interest in Pakistan’s EV sector, and 20 plots in Special Technology Zones have been allocated for EV plants.
The policy also includes plans for exporting electric vehicles, right-sizing underperforming organisations, and fostering sustainable energy. Specific incentives for investment include a 50-year lease for land, customs duty of one per cent on specified parts, and a proposed 15 per cent customs duty on non-localised parts.
Additionally, the minister revealed that not importing fertiliser this year saved the country $150 million. He reaffirmed the government’s dedication to creating a greener future by advancing the EV industry and reducing reliance on imported fuels.
Copyright Business Recorder, 2024
Comments
Comments are closed.