Automakers Meet Finance Minister Ahead of Budget Seeking Favorable Policies

A number of automakers met Finance Minister Senator Muhammad Aurangzeb on Thursday seeking favorable policies in the upcoming budget.

In the first meeting, the minister was called on by a delegation of Suzuki Motors Corporation (SMC) led by its Japanese Global Vice President Kenichi Ayukawa. Japanese CEO & MD of Pak Suzuki Motor Company Limited (PSMCL) Hiroshi Kawamura, and officers from the Finance Division and FBR were also present in the meeting.

Ayukawa informed the minister that PSMCL has been present in Pakistan since 1983 and briefed on their long-term investment proposals in Pakistan. The delegation also suggested certain policy interventions to increase the volume base in Pakistan to enhance its regional competitiveness.

The minister appreciated the delegation for their proposals and emphasized that Pakistan is a large market with substantial potential for growth, and has the capacity to become a strategic hub for exports in the future. He added that the government is committed to promoting clean energy and looks forward to investments in this domain.

Separately, the minister held a meeting with the Vice Chairman Toyota Motor Corporation (TMC) Shinji Yanagi, CEO Indus Motor Company Limited Ali Asghar Jamali, and Aamir Allawala from the Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM).

Yanagi and Jamali expressed their interest in strengthening the local auto industry. They briefed the minister on the performance and volume of locally assembled cars and their impact on Pakistan’s economy.

The delegation proposed certain adjustments to import duties to foster local industry growth, thereby contributing to overall economic progress. Furthermore, they gave proposals to enhance the uptake of Hybrid Electric Vehicles (HEVs) to reduce the oil import bill.

The minister emphasized the need for collaborative efforts between the government and the private sector to address the challenges faced by the automotive industry. He further stated that the government will proceed within the available fiscal capacity, to ensure favorable outcomes for both the government and the private sector.

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