Attracting investment in auto sector: 'government to offer incentives to Chinese, Korean companies'

Government is going to offer lucrative incentives to the Chinese and Korean auto companies to attract investments in auto sector. This was stated by Mir Hazar Khan Bijarani, Federal Minister for Industries and Production at the launching ceremony of Year Book-2010 of Export Processing Zone Authority (EPZA) held here at a local hotel on Monday.
He said the government was evolving a comprehensive policy to attract investments from Korea and China to auto sector. He further said although the Chinese and Korean auto companies would be offered lucrative incentives, the same would not impair the business relations with the existing auto companies. Bijarani said the privatisation of Pakistan Steel Mill (PSM) was not in the card, as the government was presently working on a 10-point agenda to make it a profitable organisation.
The government is keen to expand its production capacity and some 10 offers in this regard have already been received from different countries. He said there was no sugar shortage in the country as some 0.4 million tons sugar was already in stock hence it was premature to figure out its import for coming months.
He said the Year Book-2010 of EPZA would give deep insight of the organisation to the stakeholders and help foreign and local investors to choose EPZA as their investment destination. Despite global economic recession since 2007, the exports from EPZs have grown consistently from $348 million in 2007-08 to $396 million in 2008-09, said Aftab Ahmad Memon, chairman EPZA.
For the financial year 2010-11, the export target has been set at $500 million and the EPZA was confident that with consistent and supportive polices of the government, the exports would surely touch the benchmark of one billion dollar by the year 2015, he maintained.
He said this report was a clear reflection of improvement in financial health, enhancement in exports and revenues of the organisation and hoped that it would also provide benefits to the local and foreign investors. The newly appointed officers were given training certificates of Junior Management Planning Course in the ceremony.