Bosch, a leading global supplier of technology and services inaugurated its first office in the Islamic Republic of Pakistan. Expanding the Bosch Group's operations in the region, the office based in Lahore will at the start serve as the liaison office for the company's Automotive Aftermarket, Power Tools and Security Systems business divisions.
Ina Lepel, the German Ambassador to Pakistan attended the inauguration ceremony. Senior Bosch executives including Steven Young, President, Bosch Turkey and Middle East and Volker Bischoff, General Manager of Robert Bosch Middle East attended the event.
Commenting on the news, German Ambassador to Pakistan Ina Lepel said, "With a young and growing population of nearly 200 million people, Pakistan is an interesting market, which cannot be ignored in the long-run by multinational companies. Bosch's latest venture is an important milestone in our bilateral economic relations with Pakistan."
Pakistan is expected to register a steady GDP growth rate of 4.5 percent over the next two years according to the IMF (International Monetary Fund), with lower inflation positively affecting domestic purchasing power. Reflecting on Pakistan's economic growth Steven Young, President, Bosch Turkey and Middle East said, "We are keen to be part of Pakistan's rising growth story. The strongly developing middle class rising consumer demand and the growth of manufacturing and automotive sectors are very positive indicators. The industrial sector will definitely benefit from Bosch innovations as we deploy our core competencies in the Automotive Aftermarket, Power Tools and Security Systems sectors." Volker Bischoff, Vice President/General Manager of Robert Bosch Middle East added, "Pakistan is a crucial market for the sustained growth of Robert Bosch Middle East. We are keen to develop direct relationships with our local customers and supporting the industry with our expertise, ultimately improving the quality of life for the people with our innovative products and solutions." Studies indicate that Pakistan's automotive market is currently still in development. Pakistan's current economic revival has garnered the interest of more mature players such as Bosch to enter the market.-PR