ISLAMABAD, Oct 18, (INP-WealthPK): The aviation industry of Pakistan is likely to expand further at a fast pace and contribute more to the national economy, WealthPK reports.
The implementation of the National Aviation Policy, 2019, is likely to attract local as well as international investors to Pakistan.
Fly Jinnah, a new low-budget carrier and Pakistan’s fifth private airline, has acquired its air operator certificate (AOC) and air operating licence (AOL), enabling it to begin operations at Karachi International Airport. The airline has met all professional requirements. The Pakistan Civil Aviation Authority (PCAA) conducted a rigorous inspection of Fly Jinnah and found it in full compliance with all of the technical and operational requirements. Through its AOC and AOL, Fly Jinnah has proven that it is safe and secure to operate as a passenger and cargo airline. In order to determine the date on which the airline will begin operations, Fly Jinnah will coordinate closely with the Civil Aviation Authority (CAA).
The new airline is owned and operated jointly by Lakson Group of Pakistan and Air Arabia Group of the United Arab Emirates. In September 2021, they announced that they would launch the airline in Pakistan with the name of ‘Fly Jinnah’ and name abbreviation as ‘FJ’.
According to National Aviation Policy, 2019, airlines will be encouraged to be owned by Pakistani citizens to promote the participation of Pakistani nationals in the aviation sector. In line with the same policy, the ‘Fly Jinnah’ has been incorporated in Pakistan as an entity that is majority-owned by Pakistani citizens. The objective of the airline is to contribute to the growth of the aviation sector as well as the nation’s overall economy by creating job opportunities and promoting the growth of other sectors like tourism and hospitality.
At present, Air North, Serene Air, Airblue, and Air Sial operate in the local private airline industry, mostly handling domestic flights as well as a few international flights. Upon getting informed of the launch date from the CAA, Fly Jinnah will become the fifth private airline operating in the country.
Pakistan’s aviation sector has been expected to prosper due to many factors including a high percentage of young people, a growing middle class, a 5.97 percent GDP growth rate in the fiscal year of 2021-22, and increasing government recognition of the importance of aviation.
Despite some bottlenecks, the ease of doing business in the country has improved in recent years. Accordingly, in order to promote Pakistan’s aviation sector, structural reforms and economic policy adjustments are necessary.
In addition, Qatar Investment Authority has shown a keen interest in the aviation sector due to Pakistan’s favourable investment climate. Air Arabia’s Joint Venture with the conglomerate Lakson Group is creating a pathway for a better and more sustainable future for the country’s aviation industry, according to the information gathered by WealthPK.
