ISLAMABAD: Two more companies namely Topsun Motors and Pak-China Motors have been conferred Greenfield status by the Ministry of Industries and Production (MoIP).
The number of companies conferred the Brownfield status stands at two and Greenfield status at ten under the Automotive Development Policy (ADP) 2016-2021, reported Business Recorder.
According to MOIP’s notification, under the ADP 2016-21 policy, the government of Pakistan has conferred category-A Greenfield Investment Status to Topsun Motors Limited and Pak-China Motors for the assembly and manufacture of vehicles.
As per the agreement reached, Topsun Motors and Pak-China Motors will have to adhere to the conditions laid down in the agreement and enter into an agreement with the MoIP and comply with the conditions of the ADP 2016-2021.
Also, the Engineering Develop Board (EDB) will provide a manufacturing certificate and list of importable components to new investors after the companies authenticate manufacturing and assembly facilities setup by the firm can produce quality vehicles.
As per policymakers, the establishment of new production for automobiles will help bring down the prices as it did in case of motorcycles.
Topsun Motors founded in 2015 is dedicated to the marketing and maintenance of a wide range of automobiles.
Topsun’s exclusive domain is marketing of vehicles of European origin yet it deals in vehicles of other origins as well.
Topsun Motors is currently operating in Punjab only. Plans are underway for expanding the business to other provinces of the country as well.
(This news/article originally appeared in Pakistan Today on July 10th, 2018)