LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to ensure implementation of the Automotive Industry Development and Export Plan (AIEDP) 2021/26 to achieve the desired economic results, a statement said.

LCCI president Mian Nauman Kabir said that the government has given a good policy which would bring a revolution in the auto sector, while appreciating the tax relaxation by the government and allowing new technologies in the auto industry.

The reduction in sales tax on hybrid electric vehicles and reduction in the regulatory duty on the import of hybrids’ completely built-up unit (CBU) would reduce their cost and bring these in the range of the consumers, he added.

Kabir noted that hybridisation is a globally established technology which will help achieve the government’s objectives of reducing emissions whilst conserving fuel, adding that the car manufacturers set an export target of 10 per cent by 2026 which is a very good initiative.

“It will not only encourage car manufacturers to boost up their capabilities, but they will also earn much-needed foreign exchange for the national exchequer. Likewise, tax incentives for export of spare parts are also a good sign for the exports of the country”, LCCI president said.

LCCI senior vice president Mian Rehman Aziz Chan and vice president Haris Ateeq said that the policy implementation was as important as policy formulation.