According to recent data released by the Pakistan Automobile Manufacturing Association (PAMA), Pakistan’s automobile sales surged by 61.89% in the first five months (July-November) of this fiscal year compared to the same period of the previous year.
“The purchasing power of automobiles reflects the economic strength of a country,” said Pakistan’s Honorary Investment Counselor in China Jian Peng, who is also an expert on the automobile industry at the Research Association of China World Trade Organisation. “The rise in automobile sales shows steady growth of Pakistan’s economy under the impact of the pandemic.”
In the past, imported cars occupied major part of Pakistan’s car market but now, domestically produced or domestically assembled cars are gaining popularity.
Jian Peng said that after Chinese automobile brands such as SAIC MG and Forthing have established joint venture assembly plants with Pakistani partners, great progress had been made in the supporting sectors of Pakistan, like spare parts manufacturing.
“The progress has gradually reduced the cost of vehicle production so that Pakistani people can afford high-quality automobile products for a low price,” he added.
Recently, Zhongtong Bus provided 80 18-meter hybrid buses for the Green Line Rapid Transit Service (BRTS), Karachi’s first modern public transport project, which can handle 135,000 passenger trips per day. “There is great potential for cooperation between China and Pakistan in the field of new energy vehicles,” Jian said.
Read: Green Line BRT wins Karachi’s heart
Jian believed that the development of new energy vehicles was an inevitable trend for Pakistan.
He said that “in recent years, Pakistan’s electricity supply has been greatly improved with China-Pakistan Economic Corridor (CPEC) power generation projects.”
Some large cities with huge population, such as Karachi, Islamabad and Lahore, have electricity redundancy now. The best way to consume this redundant electricity is to use it for new energy vehicles.
THE ARTICLE ORIGINALLY APPEARED ON THE CHINA ECONOMIC NET
Published in The Express Tribune, February 18th, 2022.
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