Imtiaz Rastgar, Chief Executive Officer (CEO), Engineering Development Board (EDB) has called upon investors to invest in component manufacturing sector on account of vast investment opportunities.
He was briefing a group of mediapersons here on Monday on the eve of first International Foundry Congress and Exhibition being inaugurated in the city on Tuesday (today). Describing the manufacturing as the second largest sector of Pakistan economy in terms of output and employment, he said that major global restructuring was on the move in manufacturing.
There was a need of shift in production paradigm to technology and knowledge based industrialisation with a focus on the quantitative and qualitative growth of an integrated and competitive industry in the private sector, he added.
Referring to growth in auto and home appliance sector, the CEO said that the country had potential to develop certain components with advantage of infrastructure including the human resources and zero duty on imports of all kinds of inputs.
Similarly, the domestic engineering industry had reached to a point where component manufacturing had become viable, he further said. He said that the auto industry was responsible for increasing production in the other related industries including plastics, rubber, fabricated metals, auto parts, advertising, textile, aluminium, sheet industry, painting and coating, glass, copper and brass, forging, plastic, rubber, fasteners, sheet metal, machining, brake assemblies, glass, die & mould, gear box, suspension and power steering etc.
Total annual requirement for different processes to produce 500,000 cars up to year 2010 could be judged from the fact that 7,000 tons of casting, 3,000 tons of interior/trims, 5,000 tons of forging, 1,500 tons of plastic, 2,000 tons of rubber, 250 million nos. of fasteners, 6000 tons of sheet metal, 50,000 units of AC 1,000 tone of wire harness, 500,000 pieces of shock absorbers, 15 million tons of ball bearing, 1000 tons of aluminium casting, 250,000 nos engine manufacturers, 5000 tons of machining (all parts), 6000 tons of machining (cast parts), 150 tons radiators, 800 tons of lights, 400 tons of silencers, 500 tons of door hardware, 300,000 m2 of glass, 6,000 tons of Machining (forged parts), 250,000 nos. of batteries, 2,500 tons of friction material, 100,000 units Audio Systems, 150,000 nos of speedometers and 250,000 nos. gear box transmission, would be required.
In the light of these requirement investors have a chance to avail these opportunities. The demand is there, encouragement by right policy is also available, he said.