- Indus Motor Company (IMC) now exports vehicles to other countries following an agreement with Toyota Egypt.
- The company has plans to continue in this direction and expand its export activities.
- Pakistan’s auto industry faces challenges due to LC restrictions and limited foreign exchange reserves.
Indus Motor Company (IMC), the assembler of Toyota vehicles in Pakistan, has joined the group of automakers exporting vehicles to other countries after reaching an agreement with Toyota Egypt.
Notable members of this club include Master Changan Motors Limited (MCML) and Sazgar Engineering Works Limited (SEWL).
According to the Business Recorder, Toyota Indus Motors Company (IMC) sent its initial shipment in July. The company’s press release mentioned that the first shipment consisted of semi-processed raw materials sent to Toyota Egypt.
The signing of the agreement marked the start of a new era for exports by an original equipment manufacturer (OEM) in Pakistan, as stated in the announcement. The company has plans to continue in this direction and expand its export activities.
Toyota IMC CEO Ali Asghar Jamali acknowledged the significance of the development but expressed caution, stating that it is still “too early” to consider it a turning point for Pakistan’s struggling auto industry.
Pakistan’s auto industry, which heavily depends on imports, has been facing challenges due to restrictions on Letters of Credit (LC) and limited foreign exchange reserves. Although the State Bank of Pakistan (SBP) has eased some restrictions, it will take time for the industry to return to normalcy.
KIA Sportage Price in Pakistan July 2023
The Kia Sportage 2023 is a popular compact SUV. It has a...
Regarding the company’s export plans, Jamali stated the following: “This is a baby step at the moment. Currently, we have raw material constraints in the country. It would stop us from exporting huge quantities. But I am hopeful. If their [Egypt’s] confidence is built, we may be asked to export more parts. Even if we managed to export one part to many markets, it would increase our export numbers. We hope that other manufacturers will also gain confidence and find avenues to export as well.”