Former SAARC Chamber of Commerce and Industry President Iftikhar Ali Malik has said that increasing local production of automobile parts could significantly reduce Pakistan’s $3 billion annual import bill, conserving foreign exchange and strengthening the economy.
Welcoming the government’s push for local manufacturing, he highlighted the potential benefits, including the development of ancillary industries, job creation, and enhanced competitiveness. He noted that Pakistan could emerge as a regional export hub for auto parts, tapping into markets in Africa, Central Asia, and the middle East.
To achieve this, Malik stressed the need for policy reforms, vocational training programs, and investor-friendly incentives such as tax exemptions, reduced tariffs on raw materials, and subsidies for technology upgrades.
He also called for greater investment in research and development (R&D) and industry-academia collaborations to drive innovation. As Chairman of Guard Group of Companies, he shared his company’s success in manufacturing international-standard auto parts locally, previously imported from countries like Japan and Germany. He urged the government to support indigenous brands to expand Pakistan’s presence in global markets. “Expanding local manufacturing will diversify the economy, boost GDP, and strengthen Pakistan’s position in international trade,” he concluded.