Karachi: Prominent automobile company in Pakistan, Indus Motor Company (IMC), has signed an agreement with Toyota Egypt. Under the deal, IMC will export high-quality auto parts. This deal marks the entry of Indus Motor into the global supply chain. The company has become the first-ever auto manufacturer in Pakistan to seal an international deal.
The press statement by Indus Motor Company said that from July 2023 the company will export high-quality products under the agreement with Toyota Egypt. Abdul Rehman Aizaz, Former chairman of the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM), said that indeed the development is a big achievement for Pakistan.
The agreement news has come at a time when the auto sector of Pakistan is under a boorish trend. On a year-on-year basis, the sales of Indus Motors dropped by 58 per cent during fiscal year 2023, but there was a positive shift in momentum when a 7 per cent increase was seen in month-on-month sales in June 2023.
PAMA shared the stats which stated that sales of Pakistani cars reached 6,000 units (down by 79 per cent on a year-on-year basis). If non-PAMA members are also included then the car sales reached 7,000 units (down by 55 per cent on a year-on-year basis).
According to Topline Securities, the sales of Pakistani cars got affected by the non-availability of Completely Knocked Down (CKD) kits, the low purchasing power of consumers, rising car prices, and expensive auto financing.
Chief Executive of IMC Ali Asghar Jamali expressed pride as the “Make in Pakistan” dream surpasses borders. He said that IMC aimed to position Pakistan on the world map and has a mission to strengthen the economy of Pakistan. He added that by becoming the part of global supply chain of Toyota, IMC has affirmed its commitment towards the mission.