KARACHI: Auto industry stakeholders have suggested that Pakistan possesses abundant export opportunities, and the country should make strenuous efforts to improve shipments of cars and parts abroad.

Speaking at the Express Tribune on Saturday, Mashood Ali Khan, director of multiple commercial companies, stressed that the country could raise exports of automobile parts from the current levels of $15 million to $20 million to $300 million over the next five years.

He called for a motivation for a greater number of companies to enter the foreign market, citing only 25-35 auto production companies exporting their commodities to foreign countries. According to him, it can only be achieved if proper guidance and assistance is provided to the industry.

The overall size of world substitution is approximately $500 trillion, while the car parts market is $2 trillion and Pakistan’s share in this field is negligible,” he said. “Pakistan has a lot to do in assessing and taping

A majority of auto part businesses is exporting to distributors or aftermarket suppliers,” Khan said. “Pakistan should focus on establishing model manufacturing hubs for exports similar to other Asian countries.

In Sindh labor costs have increased by 43 percent and in Punjab, Khyber-Pakhtunkhwa and Balochistan have increased in the order of 15-20 percent,” said President Abdul Rehman Aizaz of the Pakistan Association of Automotive Parts Accessories Manufacturers (PAAPAM). “In the past three or four months, Rupee has also depreciated by about 10 percent.

We must develop parts of motorcycles, tractors and cars that are used by African, South American and other low- and middle-income countries to exploit the true potential of car exports.