Auto show in Lahore has been a huge success and it has been able to convince the local part makers to invest in their business, improved macroeconomics indicators and outstanding increase in numbers of auto sales have made their minds to expand the businesses.
The fall in oil prices and increased auto finance have attracted more and more investors to spend in the auto sector. Pakistan had been in an economic inertia but now the stakeholders and investors can see the potential of auto sector in Pakistan.
In the 12th Pakistan Auto Show 2016, at the Lahore International Expo Centre, Sultan & Kamil International CEO Mr. Faisal Mahmood said that their company made 350 automotive parts and exported them worldwide to all major automobile markets but now the numbers of orders were increasing and the velocity too.
All exhibitors were positive about witnessing improves and successful business activities in local and international markets in the upcoming months.
Chairman Mashood Ali Khan, Pakistan Association of Automotive Parts & Accessories Manufacturers (Paapam) Senior Vice President forecasted that the industry is going to grow with each year. He said that Pakistan could tap the huge global aftermarket worth more than $600 billion. In order to hit the international markets Pakistan only lacked in marketing, he said Pakistani autoparts were of good quality and pocket friendly.
With joint collaboration with government of Netherlands, Paapam has planned to make arrangements for a three-year export coaching programme for engineering goods manufacturers of Pakistan to train them for approaching foreign buyers.
CPEC (China Pakistan Economic Corridor) is expected to generate business for engineering sector, as the demand in trucks will make Chinese truck manufacturers to set up manufacturing facilities in Pakistan which would be beneficial for exhibitors.
The exhibition has attracted 17 international exhibitors, most of which are from China.
17 exhibitors from China participated in the Lahore Auto show. European auto parts buyers have also started noticing the exhibition but the business is a bit slow as usual because a deal takes 2 to 3 years to mature in automobile sector generally.