ISLAMABAD: Pakistan's auto sector has brightened up the nation's industrial scene this week with rising vehicle production, a huge quantity of state-of-the technology spares and components and a growing number of customers and easy bank financing.
According to Khaleej Times, car sales in eight months (July-February) of fiscal year 2016 rose 37.7 per cent compared to the like period of fiscal year 2015, the Pakistan Automotive Manufacturers Association said.
It said during this period, 121,934 cars were sold from 88,538 units in the like period of fiscal year 2015.
In this connection The Pakistan Auto Show-2016, the 12th in its series, was staged at Lahore where with increased production capacity and easy prices, demand was rising fast.
A large number of customers are facing three to four months' waiting period to get delivery of cars, including Toyota and Honda.
Mumshad Ali, chairman, Pakistan Association of Automotive Parts and Accessories Manufacturers told Khaleej Times, "As a result of our high-tech and pro-consumer products, the demand for automobiles, components and spare parts is expected to rise over the next three to five years. We are committed to all aspects, including pricing, styling, designing, technology, spacing, user ease and comfort."
Ali said that the annual revenue of local parts turnover is estimated at $4 billion. The current export turnover is $1 billion. The major buyers for the Pakistani auto parts industry are from the US, Europe, Turkey, Sri Lanka and Africa.
"China, Thailand and Malaysia are the key countries from which the auto parts industry imports its requirements", he added.
Syed Nabeel Hashmi, chief organiser, Pakistan Auto Show, said over the years, the event has brought a paradigm shift to the sector. "Good response to the show indicates the shift of preferences of producers and consumers to Pakistan because of its high-tech production and high caliber workers and engineers", he explained.
"The government is clearing ways for new automotive assemblers in Pakistan. It means increasing competition in the industry," said Hashmi.
He said government of Pakistan is committed to take all possible measures to encourage large-scale investments and enhance the business- friendly environment for the automotive and engineering sectors.
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