In the past week, a news outlet reported that a US-based automobile company plans to launch its electric vehicles in the now-booming auto industry of Pakistan. It was announced by the Consul General of United States based in Lahore, Ms. Catherine Rodriguez, in an online virtual meeting through Zoom application. While addressing the participants she said, “Technology transfer with easy and duty-free access to American markets is a must in a bid to achieve a quantum jump in bilateral trade and in this connection serious efforts are being made by both sides”.
She was addressing members of the Faisalabad Chamber of Commerce and Industry (FCCI) which included the President of the body, Mr. Hafiz Ihtasham Javed.
Ms Rodriguez went on to say that some US automakers were even considering to domestically manufacture vehicles in the country. US firms, according to her have started to express interest in Pakistan’s auto sector following the improved law and order situation in the country – which she acknowledged quite openly.
While speaking about her future plans, Ms. Rodriguez said she’ll try her best to persuade and in-turn convince American investors – particularly in the auto domain to exploit the numerous opportunities that the country offers.
In a message for the Faisalabad-based industrialists, the consul general said she would play a part in introducing them to buyers in the US so that further opportunities for business between the two countries could be identified.
Speaking on the occasion, Mr. John Coronado, US commercial counsellor for Pakistan, said that his country has deep trade relations with Pakistan and that going forward in the future – the scope of these relations would further expand.
Potential of Pakistan’s industry
The president of the Faisalabad Chamber of Commerce and Industry (FCCI) Mr. Hafiz Ihtasham Javed said, “About 70% of textile exports originate from this city while 80-90% of textile units are also housed here.” While highlighting the significance of the US to Pakistan as an important export destination, he said that it was a strategically important and suitable place in the heart of Pakistan for making exports to any country via seaports or through upcountry road links with China and Central Asian states.
While presenting the case of Faisalabad as a vital destination for industries to relocate and expand, Mr Javed said that cheap and abundant skilled labour was readily available for all types of industries in the city.
FCCI president, emphasized the need for technology transfer from America, being a technologically advanced country – which he believed would improve the quality of production in Pakistan’s industrial sector and will make them more efficient. He said, while referring to American technology, “it is the best in the world and we can improve quality of our products in addition to reducing cost of production.”