Local, foreign firms to forge partnerships

Collaboration to help auto sector compete well in global market

LAHORE:

Local and international auto parts manufacturers have agreed to collaborate and in this regard several companies signed memoranda of understanding (MoUs) for future partnerships.

These collaborations will help Pakistan's auto sector to stay competitive in an evolving global market, believe organisers of the Pakistan Auto Parts Show 2024 – a three-day event that concluded on Sunday.

Industry leader Zaman Khan highlighted that Pakistan's auto industry had tremendous potential and events like the Auto Parts Show demonstrated its capacity to innovate and meet international standards. "This is exactly the exposure our industry needs to thrive," he said.

At the show, the introduction of Pakistan's first electric vehicle components and the launch of hybrid vehicles were the centre of attention. Attracted towards the hybrid-electric vehicles, the public attending the event termed them the future of auto industry in the coming years.

Ahmad Ali, a university student and an aspiring mechanical engineer, said that seeing such groundbreaking technology on display was really inspiring. "It motivates young people like me to pursue a career in automotive engineering," he said.

Organisers estimate that this year's show can lead to millions of dollars in new business deals, thanks to increased visibility and connections.

"The success of the auto show is a testament to the hard work of our members and our sponsors," remarked Pakistan Association of Automotive Parts and Accessories Manufacturers Association (Paapam) President Usman Aslam Malik. He announced that the next Auto Parts Show would take place in Karachi in 2025.

The event laid stress on promoting domestic production to reduce reliance on imports, especially given the recent economic challenges. By fostering collaborations and encouraging local manufacturing, the auto show could catalyse long-term growth and technological self-sufficiency, the organisers said.

Chief Organiser Syed Nabeel Hashmi was of the view that the event solidified its role as a platform for innovation, collaboration and advancement in Pakistan's automotive industry.

"With both local and international exhibitors, the event showcased the resilience, creativity and technological progress driving the future of our auto industry. We are inspired by the journey so far and look forward to the industry's bright future," he said.

Industry experts emphasised the critical role of promoting Pakistan as a viable player in the global auto parts market. "The event is a gateway for local manufacturers to connect with international clients, which can lead to increased exports and bring in much-needed foreign exchange," said industry analyst Burhan Malik.