Auto parts makers sought the government’s help for the expansion of the segment of the industry, as they provide different components and merchandise to original equipment manufacturers (OEMs).
The sector depends on government policies like all other sectors. The stakeholders wanted to have a clear strategy along with bonuses and potential returns before doing a handsome investment in the auto parts industry.
Industry stakeholders claimed that the government did not make any long-term policy to protect the investments of almost 400 auto vendors in Pakistan, who are generating nearly Rs120 billion per year for three OEMs.
Ravi Auto Sundar Chief Operating Officer Majid Nawaz in an interview stated that “Auto parts manufacturers are taking a huge risk by pouring money into the rapidly growing market. Unfortunately, the Pakistani government favors those who import components and assemble vehicles in the country.”
He further added that many of the issues need to be resolved and strategic long-term policies need to be made to provide a boost to Pakistan auto parts vendors.