Automotive sector has capacity to help boost exports, attract investment: minister

LAHORE: State Minister for Finance Ali Pervez Malik has said that the automotive sector has the capacity to boost exports, generate employment and attract foreign investment.

He expressed these views while speaking at the Pakistan Auto Show, organised by the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) that kicked off at the Lahore Expo Centre on Friday.

The mega show witnessed a strong show of support from government and industry leaders. The highly anticipated event drew a significant turnout of local and international visitors, spotlighting Pakistan’s automotive sector as a key player in advancing technological innovation and economic growth.

The Minister also highlighted the government’s dedication to strengthening local industries, particularly the automotive sector.

On this occasion, Lahore Chamber of Commerce and Industry (LCCI) President Mian Abuzar Shad highlighted the automotive sector’s vital role in fostering economic resilience and promoting technological innovation in Pakistan.

He said that the Pakistan Auto Show presents a unique opportunity for collaboration, allowing stakeholders to address industry challenges and explore solutions.

He further said that our automotive industry is integral to Pakistan’s industrial landscape with the potential to drive us toward self-sufficiency. “Events like this one unite stakeholders and inspire growth, showcasing our local manufacturing capabilities and facilitating international partnerships. The LCCI was fully committed to advocating for industry-supportive policies that foster innovation and progress,” he added.

PAAPAM Chairman Usman Aslam Malik praised local manufacturers for consistently meeting global standards, which has positioned Pakistan as a viable player in the international automotive market. “The Pakistan Auto Show highlights our industry’s achievements, from enhanced quality standards to international competitiveness. With the support of the government and partners, we were confident that Pakistan could make significant strides in the global automotive supply chain,” he added.

Chief Organizer Engineer Iftikhar Ahmad expressed pride in the turnout and reinforced the need for continued investments and collaborations to strengthen the industry. He lauded the platform for enabling local manufacturers to reach broader markets and forge business connections.

The Pakistan Auto Show exhibited a variety of automotive advancements, including electric vehicle technologies, eco-friendly components and modernised manufacturing techniques.

Over 300 local exhibitors and a multitude of international participants took part in the event while the exhibitors demonstrated Pakistan’s progress in integrating digitalization, automation, and sustainability into automotive manufacturing processes.

It attracted numerous international delegates from Europe, the Middle East and Asia, many of whom expressed admiration for Pakistan’s automotive products. Engaging with local manufacturers, these visitors explored potential partnerships and trade collaborations to expand Pakistan’s role in the global automotive supply chain.

Throughout the event panel discussions and seminars offered valuable insights into pressing industry issues, including electric vehicle adoption, sustainable practices, and the impact of digital transformation.

Experts discussed strategies for strengthening export capabilities and explored the role of artificial intelligence and automation in transforming Pakistan’s manufacturing landscape.

A Symposium was also being held in connection with the Pakistan Auto Show on October 26 from 2 pm to 5 pm at Mini Auditorium, Convention Centre, Expo Center, Lahore.

Copyright Business Recorder, 2024