LAHORE, March 18: Export Promotion Bureau chairman Tariq Ikram has urged manufacturers and exporters of auto parts to explore new markets as well as consolidate their position in the existing ones.

In a meeting with a delegation of auto parts vendors led by Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) chairman Nabeel Hashmi on Wednesday, he emphasized the need to diversify auto parts exports, both in terms of geographical destinations and products.

During the meeting, some 10 countries were identified as new target markets for export of auto parts. Those included the US, the UK, Germany, France, Italy, Spain, the UAE, Sri Lanka, Bangladesh and Afghanistan. Other markets identified by the PAAPAM for exploration for auto parts export were Saudi Arabia, Brazil, Canada, Egypt, Australia, Kenya and Poland.

Mr Hashmi said after the meeting that the EPB chairman had agreed to increase the subsidy given to vendors wishing to take part in auto fairs and exhibitions across the world in order to discover markets for their products.

He said the EPB would share 85 per cent cost of participation in an auto fair in case of those who were attending any such event for the first time. In the follow-up cases, the EPB would share 80 per cent cost.

The PAAPAM has also been asked to verify the actual export figures of auto parts. Currently, the PAAPAM claims its members export parts worth $24 million, while the Federal Bureau of Statistics says the total auto parts exports from the country stand at about $6.5 million.