Govt auto policy attracts two foreign players New entrants to break monopoly of existing carmakers: Mian Zahid Hussain
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister Mian Zahid Hussain on Friday said the Government’s auto policy has started benefitting country as two foreign players has decided to invest in Pakistan automotive sector.
The new entrants will promote competition and three existing Japanese automakers will have to provide fuel efficient, comfortable and secure cars to the consumers at relatively low price, he said.
Mian Zahid Hussain said that French automaker Renault which is in business since 1899 has decided to start producing cars as early as 2018 in Pakistan while Nissan will follow the suit which will also benefit the masses.
The existing players continue to earn handsome profit but reluctant to introduce models with efficiency, safety and with latest features resulting in high fuel consumption and other losses, he noted.
He said that masses are fed up of the cars with outdated technology and they want better products for their money which is only possible if new players step into Pakistan’s lucrative market.
Local players are producing over quarter of a million cars per annum but not ready to make compatible cars which is disturbing but now they will have to invest in up gradation, he observed.
He said that country imported around 32000 cars during 2014-15 while imports jumped to over 53000 in 2015-16 which proves demand for better cars made elsewhere as local automakers continue to sell low quality cars at higher prices.