Friday, April 19, 2024

Vendors of auto parts seek government assistance in expanding their businesses

Auto part vendors, which provide various components and products to original equipment manufacturers (OEMs), have requested the government to assist in the expansion of this area of the business.

This sector, like all other industries, is reliant on government policies. Stakeholders demanded a clear policy with details of incentives and potential rewards before spending a large sum of money in the car parts industry.

According to industry stakeholders, there is no long-term policy in place to preserve the investment of roughly 400 auto vendors in Pakistan, who now generate around Rs120 billion per year for three OEMs.

“Auto parts makers are taking a significant risk by investing in this fast rising sector,” Majid Nawaz, Chief Operating Officer of Ravi Auto Sundar, said.

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