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Vehicles demand to rise up to 0.5m

Vehicles demand to rise up to 0.5m

LAHORE: The demand of four-wheel vehicles will rise from 0.25 million up to 0.5 million in Pakistan within next 12 years.

It was disclosed by Provincial Chief of Small and Medium Enterprises Development Authority (SMEDA), Sindh, in a report sent to SMEDA Chief Executive Officer (CEO) Sher Ayub at Head Office, according to the Authority’s spokesman here Monday.

The report adds that CPEC (China-Pakistan Economic Corridor) was also bringing a lot of opportunities in the auto sector, which would benefit the transport warehousing and freight forwarding services by further expanding the auto and logistic sector.

The report informs that auto sector was one of the fastest growing sectors in Pakistan and Japan was concentrating to collaborate with Pakistan to meet the augmenting demand of four-wheel vehicles in Pakistan.

In this regard, Mr. Naoyuki Nemoto, Director of Japan International Cooperation Agency (JICA-South Asia), also visited SMEDA-Sindh office the other day to explore new opportunities of Japanese assistance to private sector and bring Japanese investment in Pakistan.

The report further described that with the changing consumerism in Pakistan, demand for agro processing products was increasing rapidly in Pakistan and the requirements for processed and packaged semi-cooked food items, fruit and vegetables had also highly increased in Pakistan, which call for the improvement in quality for exploring international markets. Engineering sector particularly auto sector, logistics and agro processing industry as the high potential areas for collaboration between Pakistan and Japan, it added. SMEDA CEO Sher Ayub has assured to undertake the special initiatives to make the local SMEs aware of the new joint venture opportunities emerged under the CPEC.