The Engineering Development Board (EDB) is formulating a solar panel manufacturing policy to promote local production and meet the growing power needs in Pakistan, WealthPK reports.

The solar panel manufacturing policy would be linked with the national solar energy policy being drafted by the Ministry of Power and Renewable Energy Task Force.

The glass and aluminium frames used for solar panels can easily be manufactured in Pakistan owing to the strong presence of the allied industry in the country. The demand for solar panels is increasing and there is a need to promote their manufacturing at a local level to promote the industry and save precious foreign exchange, according to official information available with WealthPK.

The EBD is also formulating agricultural implements manufacturing policy. The government has also framed the mobile device manufacturing policy and auto industry development and export policy to meet local demand and increase the production of export-quality goods.

Under the mobile device manufacturing policy, 30 manufacturers have been issued licences to start local production. Under the auto development policy, a number of new manufacturers have started manufacturing and assembling new brands of vehicles.

Around 11 new manufacturers of electric vehicles have invested to locally produce two-wheelers and three-wheelers. The policy offers various incentives to manufacturers in taxes and duties.

Greenfield technology is another initiative for both import substitution and export enhancement. Under this scheme, different incentives in terms of taxes and duties are given to companies that bring new technologies to introduce innovative product designs and reduction in production costs.

The greenfield licences are recommended by EDB to such companies after physical verification of their manufacturing facilities. EDB has approved nine cases of greenfield status.

EDB is facilitating businesses to increase production and exports. It is involved in the annual budget exercise to help the engineering industry by rationalising the cost of doing business under the principles of cascading tariff regime.

Similarly, under the export facilitation scheme of the government, the duties and taxes on imports of raw materials and components, which are used to manufacture export-quality goods, have already been abolished.

EDB is working in coordination with the Ministry of Commerce to revise the rates of drawback on local taxes and levies (DLTL) to export value-added goods. It has conducted detailed studies to increase the competitiveness of the domestic fan industry and surgical instrument industry. A study on the cutlery industry is in pipeline, according to the information gathered by WealthPK.

Credit : Independent News Pakistan-WealthPk