KARACHI: The auto sector is on the way of recovery and will be showing much better indications with the passage of time and the worst time came to the sector due to global economic recession will be over soon.

Parvez Ghias, Chief Executive Officer Indus Motors Company said in an interview with Daily Times. Parvez said that the improvement in economic situation on the back of IMF support, healthy farm income and the government’s decision to remove 5 percent FED on cars above 850cc gave partial relief and contributed to the industry growth.

The operating environment for six months ended December 2009 remained challenging for the local auto industry. Overall nationwide sale of the locally assembled Passenger Cars (PC) and Light Commercial Vehicles (LCV) grew 16 percent to 61,515 units, compared to 53,052 units sold for the same period last year.

No country in the world makes its own 100 percent cars. Pakistan should continue to aim towards maximum localization through encouragement of growth and technology transfer in Auto industry by maintaining consistent policies, Parvez Ghias said.

Regarding the continuous opposition of entry of European car manufacturers in the market, he said that in principle, we are not against entry of any European car manufacturers as long as they come at existing industry level of deletion.