Business

Pak Suzuki plans to export cars

Published

1 year ago

Farwa

Company working on hybrid variants, says CEO.
Hiroshi Kawamura calls local participants for joint efforts.
Notable part manufacturers attend meeting.

LAHORE: Pak Suzuki Motor Company Ltd (PSMCL) chief executive Hiroshi Kawamura has said that the company has been working on exports of cars which have been upgraded to many WP-29 standards, The News reported Friday.

Addressing the second round of interactive meetings with the part-makers — held under the banner of Suzuki Motors — Kawamura said that the economic issues were transitory and the automobile company was committed to providing affordable vehicles to common Pakistanis.

The CEO also revealed that the company was working on hybrid variants.

Participants of the meeting, which was attended by notable part manufacturers, unanimously agreed that the automakers should promote localisation, while also reaching out to global markets.

Calling the local participants for joint efforts, Kawamura said: “It is imperative to take stock of the escalating crisis collectively for the automotive industry.”

“Nothing can be achieved without local partners.”

Addressing the meeting, Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Senior Vice Chairman Usman Aslam Malik assured of complete support to original equipment manufacturers (OEMs) for the export of auto components.

It should be noted that WP-29 standards are a unique worldwide regulatory forum within the institutional framework of the UNECE Inland Transport Committee.

Three UN Agreements, adopted in 1958, 1997 and 1998, provide the legal framework allowing contracting parties (member countries) attending the WP.29 sessions to establish regulatory instruments concerning motor vehicles and motor vehicle equipment.

Those are UN Regulations, annexed to the 1958 Agreement; United Nations Global Technical Regulations (UN GTRs), associated with the 1998 Agreement; and UN Rules, annexed to the 1997 Agreement.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

6 hours ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

6 hours ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.