Islamabad, April 11, 2018 (PPI-OT): Leading Pakistani auto companies participated in region’s prominent meeting platform for the auto industry sector “Automechanika Trade Show” held from 5-8 April 2018 in Istanbul. About 1352 exhibitors displayed their products and the fair attracted over 45,979 visitors from all around the world, says a press release received from Ankara here today. The custom made “Pakistan Pavilion” was well attended by the business community from Turkey and other countries especially Bulgaria, Romania, Georgia, Algiers, Iraq, Iran, Libya, Jordan, Lebanon, Tunis and Central Asian States. Consul General of Pakistan in Istanbul Mr. Bilal Khan Pasha also visited Pakistan Pavilion and interacted with the participants. Participating Pakistani companies included M/s.
Thermosole Industries, Ahmad Traders, Super Horn House, Peoples Steel Mills, Sohail Engineering Corporation, Matchless Engineering, Razzaque Engineering Works, Ghauri Tyre and Tube, Stahlco Engineering and Royal Tech. The Trade Development Authority of Pakistan (TDAP) and the Consulate General of Pakistan Istanbul facilitated these companies during the fair and coordinated their interaction with Turkish companies and international participants at the fair. Owing to robust demand and rising incomes, auto sector is one of the growing industries in Pakistan.
Both local and foreign investment in the auto industry of Pakistan is also increasing at a fast rate. The auto industry has achieved import substitution of $3.3 billion a year, besides generating a foreign exchange of $210 million a year through exports. High-tech auto spare parts are exported to the US, France, UK, and China and the Middle East. Similarly, as a result of the business-friendly Automotive Development Policy of the Government of Pakistan, many international auto manufacturers such as Toyota, Suzuki, Renault, Volkswagen, Hyundai and KIA have either started establishing their plants in Pakistan or have received permission to do so.
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Category: General Business News