Pakistan sets $1b target for export of auto parts till 2024

Pakistan Association of Automotive Parts and Accessories Manufacturers (Paapam) organized the Pakistan Auto Parts Show in Karachi. A total of 244 exhibitors participated in the auto show, including 106 international exhibitors, 89 domestic exhibitors, 18 support organisations and three universities.
While addressing the occasion Paapam former chairman Shariq Suhail revealed that the government has given the auto parts manufacturing industry the task of increasing exports to $1 billion (over a period of five years) from just $70 million per annum. For achieving the $1-billion target, the government has removed roadblocks, including improvement in the regulatory duty structure and revival of the Engineering Development Board (EDB), so the board would communicate with every relevant institution and stakeholder.
In the auto show, procurement departments of Pakistan International Airlines, Pakistan Railways and Pakistan Army were also invited to see the quality of locally manufactured parts. If the domestically produced auto parts are up to the standard then the need for exporting parts will reduce exponentially promoting the local industry and saving the national exchequer precious foreign exchange.
President Paapam hailed the arrival of foreign Auto companies under the automobile development policy of 2016/21 a very positive development as after the stipulated time is up these manufacturers will have to turn to local vendors for auto parts otherwise, they will not remain competitive and will not be able to compete with the existing players. Consequently, local vendors will get business, which will subsequently help increase employment in the country.