Licenses of three top car manufacturers suspended over not increasing exports
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The Ministry of Industries and Production (MoI&P) has suspended the licenses of three major car manufacturing companies, reported 24NewsHD TV channel on Wednesday.
The MoI&P took action against the companies for not increasing exports, the informed sources have said.
These companies failed to ensure up to 2 percent export of vehicles, they have added.
They also failed to increase domestic production of vehicles, they have stated.
According to the law, car manufacturing companies are bound to manufacture accessories and spare parts of vehicles locally.
The Engineering Development Board did not restore the licenses of the car manufacturing companies.
Reporter: Waqas Azeem