Auto parts vendors have potential to grab a share in intl markets: Saigol

The Pakistan Industrial and Traders Associations Front (PIAF) Chairman Faheem Ur Rehman Saigol has called upon the government to support the auto parts industry, which has great potential to earn huge foreign exchange through exports. He said that auto parts vendors have the potential to grab a share in the international markets and need government focus to utilize its potential.
While talking to media during his visit to the Pakistan auto parts show, Saigol said that there was a need for more such events, which would facilitate buyers in getting acquainted with locally engineered and exportable products.
Amidst grave uncertainty and severe pressure on sharply melting foreign exchange reserves, the government will have to include the locally made auto parts in the negative list, as the import bill of auto parts is as high as Completely Built Units (CBU) and completely Knocked Down Units’ (CKD) Import Bill, which is not only dangerous for the local auto industry but also eroding the foreign exchange reserves, he said.
He also called for halting import of auto parts in the country, as banning the import of those products which are being made locally can aid in averting the looming threat of default. He said that Pakistan can easily save billions of dollars by controlling the under-invoicing and smuggling of tyres and parts of motorcycles, cars and tractors.n