Auto parts SMEs have no access to bank credit: PAAPAM

Attention: open in a new window. PDFPrintE-mail

LAHORE: Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) has appealed the government to declare auto industry as a ‘Key Industry’.

This industry provides livelihood to over 5 percent of the country’s population and contributes 3 percent of GDP. PAAPAM Chairman Munir Bana said the auto industry was comprised of assemblers of various vehicles (i.e cars, motorcycles, tractors, buses and trucks) as well as the Auto Parts Manufacturers (APMs), who produce the entire spectrum of engineering technologies necessary for assembling an automobile.


He said a majority of the APM are small and medium Enterprises (SMEs) and this category unfortunately has no access to traditional bank credit. “Governments in the west offer bailout packages for the auto industry in times of crisis, but unfortunately our government does not have the resources to support auto industries in Pakistan, even though these industries generate employment, save foreign exchange through import substitution and, being fully documented, honestly pay their fair share of taxes.”

 

Courtesy: Daily Times


Forex open Market rates & comments Archive

Login Form