India auto component makers ink pact with Pakistani counterparts

Mumbai: Auto Component ManufacturersAssociation of India (ACMA) has joined hands with itsPakistani counterpart which aims at exploring viability ofworking together on skill development in Pakistan as well as building supply chains through Wagah by road.

ACMA and Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) signed an MoU in this regard last Friday during the visit of a delegation from ACMA, under its president and managing director of Rane TRW Steering Systems Ltd Harish Lakshman, to Pakistan, a release said here.

The visit was part of the Indian Council for Research on International Economic Relations (ICRIER) initiative on the normalisation of trade between the two countries, it said.

Usman Aslam Malik, Chairman PAAPAM, and chairman of Kortech Auto Industries led the PAAPAM side, the release said.

"This is a significant development where both ACMA and PAAPAM, the leading auto component bodies have come together for trade facilitation and growth of automotive industry in their respective countries," Lakshman said.

There is an urgent need to develop medium and long-term investments plans that should be on reciprocal basis to build greater ties, between the two sides, he said.

With India having a larger reach in the world of auto market, ACMA believes Pakistan's participation will strengthen India's position in the region as well, Lakshman said.

The meeting at Lahore brought together participants from the two associations with an objective to exchange views on the potential of auto component trade between India and Pakistan; understand the challenges of the automotive parts manufacturers on either sides; and develop a common understanding for the way forward, including the scope for joint initiatives, the release said.

As part of the understanding, the two associations plan to meet at least twice a year to facilitate business dialogue and people-to-people contact, ACMA said in the release.

PTI

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Updated Date: Aug 27, 2014 17:29:41 IST