IMC CEO hopeful to tackle problems in automotive sector due to economic turmoil

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In prevailing economic turmoil, Indus Motors Company — the maker of Toyota cars in Pakistan has stated that the automotive industry will go through the challenges.

IMC Chief Executive Officer (CEO) Ali Asghar Jamali said, “We are working on import substitution as well as looking for ways to increase exports to tackle the current economic condition.”

“We are devising plans to survive and we will survive,” the IMC CEO said.

He said that the government increased the tax burden that increased from 42% to 50% of a car price in the name of GST, CVT, WTH etc.

However, the company’s plans for the Toyota Corolla Cross and hybrid electric vehicle are on spot but it is facing difficulties due to economic uncertainty, he added.

The commercial importers just import vehicles and then sell them to the government which does not create any jobs.

The total liquid foreign reserves held by Pakistan stands at $13.248b as of August 18, 2023.

Foreign reserves held by the State Bank of Pakistan were $7.930b and net foreign reserves held by commercial banks were US$ 5.317b.