Paapam Chairman Syed Nabeel Hashmi stated here on Wednesday that it was their strong observation that auto industry in Pakistan had experienced heave of investment in the last three years.
Hashmi welcomed new companies that are currently setting up factories to manufacture newer versions of cars. 'Paapam members welcome any venture that is highly based on the local industry', he added.
Chairman Paapam opined that despite very hopeful signs, he was worried on the current CKD duty reductions being considered here.
'We feel that Government must understand that any tariff cut would undermine local development of auto parts and put a stop to new jobs', he added.
Nabeel Hashmi stated that smaller cars have a high content on 70 percent plus in local parts, which would then be prone to imports. 'We should be looking for further local content increase in other smaller vehicles Santro, Cuore and Alto', he averred.
He stated that with good development out auto industry is poised to venture into manufacturing of more sophisticated components including engine, carburettor.
Meanwhile, Syed Mehdi Ali Rizvi, Vice Chairman Paapam has stated that following positive decision of government two years ago, auto sector now was giving excellent results in the form of creating more jobs and nearly doubling its contribution to the national exchequer, he added.