UAE’s Ras Al Khaimah Investment Authority (RAKIA), one of the fastest growing free zones in the region, sent a delegation to Pakistan to introduce RAKIA Auto Industrial Park, a fully integrated themed industry zone dedicated to auto- & vehicle-related industries, to the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM). Meetings were held with members of PAAPAM Karachi Office and Lahore Head Office on 11 to 12 January 2010.
The Auto and Auto Parts Manufacturers of Pakistan were impressed with RAKIA’s newly established Auto Industrial Park and the fact that Ashok Leyland is already part of this concept, having built a state-of-the-art assembly of chassis and body building unit in Ras Al Khaimah, where more than 2,000 buses per annum will be produced and exported to the GCC and Middle East. This facility, which is the first bus assembly unit in the GCC, is a highly prestigious anchor partner for RAKIA Auto Industrial Park and will certainly attract complementary industries to join and benefit from the synergies and advantages of the park and Ras Al Khaimah as a preferred business hub and investment destination.
Raed Mustafa, General Manager Industrial Parks, RAKIA, stated: “The GCC with their high GDP and eminent consumption vehicle market present an enormous untapped potential for the manufacture of vehicles and its components. In the year 2008, the GCC imported 1.2 million vehicles, out of which 80% were passenger cars. In 2007, the value of imported vehicles was US$ 24.14 billion with a growth rate of 22%. In the Middle East, Iran and Egypt are the two major producers of automotives with approx. 1.1 million units produced in both the passenger car and bus segments. Japanese automobiles dominate the GCC auto market with a share of 60.98%, while Korean brands contribute 13.78%, American 10.15% and European 8.2%.”
He continued: “We are very grateful to PAAPAM for giving us the opportunity to introduce RAKIA Auto Industrial Park to its members and delighted about the extremely positive feedback and high interest we have received from them. The Association members desire to form a delegation to visit Ras Al Khaimah very soon to get a first-hand picture of the potential and the benefits that the Emirate, RAKIA’s Free Zone and its themed cluster dedicated to auto- & vehicle-related industries can offer. We look forward to welcoming PAAPAM’s members to the UAE and hope that they will become further partners and ambassadors of RAKIA Auto Industrial Park.”
