Auto industry has immense potential: IMC COO

LAHORE (PR): ‘Automotive manufacturing is a prestigious industry, often regarded as the ‘Mother of all Industries’ owing to the long, integrated value chain it creates. In Pakistan, the auto industry contributes heavily to the government revenues, provides employment to 3 million individuals and is an embodiment of the nation’s manufacturing prowess. Through extensive localization, some of the models being manufactured in Pakistan comprise of almost 70% locally produced parts, made in accordance with the highest global quality and safety standards. In this way, the auto industry has also facilitated saving millions of dollars of foreign exchange’, said Chief Operating Officer of Indus Motor Company (IMC) Ali Asghar Jamali.

Despite years of challenges, posed by the political and economic operating environment, the auto industry has achieved impressive feats that have been recognized globally.

‘The auto industry of Pakistan has immense potential and despite achieving formidable growth in the past years, there is still a lot more that the industry can do for the country in terms of economic growth and industrial development. Given a favorable business environment by way of predictable and consistent auto industry policies the auto industry can contribute even more to the national economy and potentially serve as a launching pad for the country’s manufacturing sector.’

Jamali said, ‘Due to low per capita income, only 16 out of 1,000 people in Pakistan currently have access to a vehicle, that is in stark contrast to 18 in India, 30 in the Philippines, 69 in Indonesia, 206 in Thailand and 361 in Malaysia. Pakistan is set to become the 4th largest populated country by 2030 of 240 million people and this presents a huge potential for growth of the mobility sector in the country”.

‘The confidence of Original Equipment Manufacturers (OEMS) and the Parts Supplier Industry, that invested more than Rs 100 Bnllion in automobile and parts manufacturing, has been somewhat low due to frequent policy changes in the past,’ said Jamali.

‘The Asian countries such as Japan, Korea, Thailand, Malaysia, China, Indonesia, India and Vietnam present a great case of economic revivals and turn around by way of having a vibrant manufacturing base, particularly of automotive manufacturing. Through stable and consistent, industry friendly policies, these counties attracted investments from global automakers that raised the level of technological competence and transformed the heavy industrial landscape by giving rise to tertiary network of industries that resulted in reversals of economic fortunes” These countries have protected their local manufacturing industries through various tariff and non tariff barriers, besides restricting import of used cars to ensure locally manufactured automobiles are promoted.

‘Auto industry in Pakistan can also flourish and rise as a key player in the region if ADP 2016-21 is not tinkered with for the next five years, providing the ground for manufacturers to plan their investment and production plans,’ said Jamali.

In fact, despite all the challenges the industry is currently facing, automakers in Pakistan can be compared with the regional players having much bigger market and economies of scale as the prices are lower in Pakistan for similar models in the region. ‘There is much debate that the cars manufactured in Pakistan are overpriced as compared to the region.

However, the comparison of Pakistan’s most selling Toyota Corolla prices in the region shows that it is cheaper in Pakistan than in India, China and Thailand,’ Jamali added.

Meezan Bank launches new corporate website

KARACHI (PR): Meezan Bank, Pakistan’s first and largest Islamic bank, recently launched its new and updated corporate website at https://www.meezanbank.com/. In addition to having an improved and attractive design, the website now has simplified site navigation and upgraded content to allow visitors quick and easy access to information about the Bank’s products and services.

Website-based resources such as the Branch Locator, Home and Car financing calculators, IBAN Generator and Knowledge Centre have also been redesigned with a better interface and enhanced features. As before, visitors to the Meezan Bankwebsite can utilize Internet Banking Services and stay updated on the latest news and announcements of the Bank. The re-designed website also provides a consistent experience across multiple devices, screens and browsers.

Eid collection by Insam

KARACHI (PR): INSAM, a luxury brand label, recently launched its Eid Collection. Each outfit reflects excellence in quality and workmanship.

The recently launched Insam Eid Collection 2016 is a unique combination of quality fabrics with beautiful embroidery work. This new range of work reflects fashion with a festive touch. All the pieces have been embellished with ethnic embroidery and a zestful color palette. This new range of suits includes wide variety of digital prints, floral motives, fresh and colorful hues.

Digital prints in the collection are inspired by photographically art by Pith.

“Keeping the current weather in mind, I’ve endeavored to stay true to our brand philosophy and design pieces that are wearable throughout the day” said Insia Sohail – Creative Director, Insam.