INTERVIEW: PAKISTAN CAN FETCH HUGE FOREX THROUGH AUTO PARTS' EXPORT
Jan 25 - 31, 2010
Tahir Javaid Malik is one of the country's leading businessmen. He is Director of MGA Industries (Pvt.) Limited which is a trusted name in automotive & agricultural components manufacturing. MGA Industries is ISO-9001 certified and a leading exporter of auto parts. Tahir Javaid Malik did his graduation in Math, Statistics, and Computer Science from London.
Founded in the year 1979, MGA Industries is now exporting auto parts in different parts of the world. In an exclusive interview with Page, Tahir Javaid Malik said that Pakistan's Vending Industry had huge potential to capture huge auto parts market of Yemen, Saudi Arabia, and other parts of the world. He said local vending industry is highly organized that has full potential to fetch forex through export of auto parts around the globe.
Tahir Javaid Malik, who is also former Senior Vice-President of the Lahore Chamber of Commerce & Industry, said that he recently visited Saudi Arabia as a leader of the LCCI delegation. He said he was highly impressed with the progress made by Saudi Arabia in various fields. He said the visit of the LCCI delegation brought new business and investment opportunities to enhance the trade between the two countries.
The delegation, consisting of different trade sectors such as auto parts, textiles, construction, manpower services, livestock and fruits, pumps and agriculture implements and chemicals, held several meetings with businessmen and members of Saudi Chamber of Commerce and Industry in Makkah and Jeddah.
Tahir said that his main focus was to build trust and confidence of the Saudi traders and investors in Pakistan where a large number of genuine and potential firms and business concerns enjoy the economies of high scale. In spite of the recession, during the last year, he said, MGA Industries had shown 40-percent increase in business with the leading car manufacturing companies in Europe and other developed countries.
Tahir said the Makkah and Jeddah Chambers of Commerce are the premium source of business and they have given them all the support to increase the businesses between the two countries. It may be noted that Pakistan's export increased 20-percent in Saudi Arabia and there are signs that in upcoming years it will increase more.
Talking about Pakistan vending industry, Tahir said that an investment of over 20 billions of rupees was made in the local vending industry during the last four years. There was slowdown in the industry but recently 15% increase in sales has been registered. Local vending industry received export orders due to quality of auto parts. Pakistan vending industry comprises of about 300 units which are playing positive role in the national economy.
When asked about cost of doing business in the country, Tahir said it is high and we are facing difficult situation in competing India, China and Turkey.
However, he said the local vendor industry is highly competitive and capacity to bring huge foreign exchange. The need of the hour is to explore foreign markets for exporting local auto parts, he added.
Answering a question, he said that out of 300 vendors, around 25 vendors are exporting auto parts. There is nominal share of Pak vendors in world export of auto parts.
Tahir Javaid Malik praised the federal and Punjab governments for launching Benazir Tractor scheme and Green Tractor scheme. Tahir pointed out that the local vending industry was highly developed and was providing spare parts, service and repair facilities to the farmers at their doorsteps. He asked the government to facilitate the local vendors in exploring foreign markets to export auto parts.
NEW NOTE OF RS 500 WITH OVI SECURITY FEATURE
The State Bank of Pakistan has announced that all offices of SBP Banking Services Corporation will start issuing new Rs 500 Banknote with an Optical Variable Ink (OVI) Feature from 25th January 2010 (Monday). The new Rs 500 banknote with OVI feature will bear the signature of Syed Salim Raza, Governor, State Bank of Pakistan.
The launching of Rs 500 banknote with OVI feature is part of SBP's continuous efforts to improve the security, durability and aesthetic quality of banknotes. The Optical Variable Ink (OVI) design appears at the obverse right side as the crescent and five-pointed star printed with the surrounded design of Intaglio Optical Variable Ink which changes colour from green to magenta and vice versa when Rs 500 banknote is viewed from different angles.
The introduction of OVI feature in Rs 500 banknote distinguishes it from the new design banknote of the same denomination launched in November 2006.
The existing Rs 500 banknotes will, however, continue to remain legal tender.