Ministry of Industries and Production (MoIP) will scrap Greenfield status of three automobile companies for not showing any progress on establishment of plants, according to Business Recorder.
“Adequate time has been given to the new entrants M/s Pak CAMC, Pak China Motors and AI-Futtaim under ADP 2016-21 but they neither signed an agreement with MoI&P nor showed any progress.”
This decision has been taken by the Auto Industry Development Committee (AIDC) which met with Chief Executive Officer (EDB) on 13th August, 2020. Secretary AIDC stated that under ADP 2016-21, 19 new investors have been granted Greenfield status. In addition, under Brownfield category two closed down units have been revived. Total investment attracted so far under the ADP 2016-21 is approximately $1 billion.
Full Story: Business Recorder