No Auto Multinational Exited Pakistan In Three Years: Haroon Akhtar
ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 20th Aug, 2026) Advisor to Prime Minister on Industries and Production Haroon Akhtar Khan on Thursday stated that no multinational company from Pakistan’s automotive sector had exited the country during the past three years.
Replying to a question in the Senate, he noted that strong economic policies and incentives for investors were anticipated to draw further investment into the nation in the forthcoming days.
According to his written reply, the Engineering Development Board (EDB) only regulates the automotive sector, and its records indicate no multinational automotive company has left Pakistan during the specified period.
The advisor clarified that investment facilitation falls under the jurisdiction of the Board of Investment (BoI), while information regarding company closures is maintained by the Securities and Exchange Commission of Pakistan (SECP). He added that, as per instructions from the Prime Minister’s Office, a Voluntary Separation Scheme (VSS) is being developed exclusively for regular employees.
Additionally, he mentioned that the Utility Stores Corporation (USC) has devised a compensatory package for its contractual and daily-wage workers, which has been approved by the Federal cabinet.
Regarding Pakistan Steel Mills (PSM), Haroon Akhtar stated it is a profitable corporation with accumulated profits of Rs9.54 billion up to 2007-08. However, he attributed significant losses from 2008-09 onwards to the global recession, rising raw material and freight costs, currency devaluation, and other factors.
