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A Long Road to a Faster Lane?
Zeenat Chaudhary on how the automotive industry will fare in these uncertain times.
Ever since Karl Benz invented the world’s first motor car in 1886 – the Benz Patent-Motorwagen – the automotive industry has come a long way. From hi-tech Hondas and Chryslers to electric Teslas and Nios, the global industry contributes roughly three percent to all GDP output. Due to the pandemic, however, worldwide car sales have taken a hit and are expected to fall from $74.9 million in 2019 to under $62 million in 2020, according to Statista.
Industry Overview
In Pakistan, the automotive industry, which contributes 2.8% to the country’s GDP (source: Invest Pakistan), has faced a cycle of booms and busts since the 2000s. In fact, the auto industry was on a downward trend before Covid-19 struck, primarily due to rising taxes (Federal Excise Duty increased from 2.5% to 7.5% and Additional Customs Duty by seven percent) and the rupee’s depreciation against th
HBL, PSDF sign MoU
February 16, 2021
KARACHI: Habib Bank Limited (HBL) has signed a memorandum of understanding (MoU) with Punjab Skill Development Fund (PSDF), the largest skills development fund in Pakistan, a statement said on Monday.
Aamir Kureshi – head consumer, rural and SME banking, HBL, and Jawad Zahoor Khan, CEO of PSDF, signed the agreement, it added. Also present at the ceremony were Muhammad Aurangzeb, president and chief Executive officer of HBL, and other senior executives from both the organisations.
In line with the government of Pakistan’s vision of creating 10 million jobs, the Prime Minister’s Youth Entrepreneurship Scheme has been developed under the banner of “Kamyab Jawan”, it said.