The Pakistani auto industry is in the zone, getting bigger and better each year. More and more automakers are entering the local market. We already have four Chinese car brands: MG, Changan, BAIC, and DFSK. According to Pakistan’s Ambassador to China, 10 new Chinese auto companies are interested in investing in the market.
Moin ul Haque, Pakistan’s Ambassador to China, addressed the Pakistan Automobile Industry Roundtable Seminar at the Pakistan Embassy in Beijing and shared some amazing insights into the Pakistani auto industry. The representatives of over 50 renowned automobile companies from different parts of China attended the seminar.
The ambassador said that Pakistan is planning to snowball its annual automobiles production from 250,000 units to about six to eight million units in the next five years. Yes, you read that right. 8 million units will be produced every year.
The ambassador acknowledged that the target is a bit ambitious. But he added that it’s possible to achieve due to the yearly growth in production and the interest shown by different automobile companies from across the world, especially from China.
How Pakistan is encouraging the Chinese companies
The ambassador informed that the government is working on a new auto policy with special incentives for foreign investors. He said that Chinese auto companies would be welcome to set up their plants with greenfield and brownfield statuses.
He further added that the Pakistani automobile industry is growing thanks to the increasing demand and population. He pointed out that, in the past, Japanese auto manufacturers had set up their production plants in the country and found a footing in the market. Now, Chinese companies have started tapping the opportunities in our local market.
More automakers entering the market means more product diversity for the consumers. Pakistanis will have more options to choose from when buying cars and other vehicles. You know how it goes, the more, the merrier.