Finance Minister Discusses Boosting Local Auto Industry with Toyota and PAAPAM Representatives

Islamabad, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb convened a meeting today with key figures from the automotive industry, including the Vice Chairman of Toyota Motor Corporation, Mr. Shinji Yanagi, and CEO of Indus Motor Company Limited, Mr. Ali Asghar Jamali, to discuss strategies for strengthening Pakistan’s local auto sector.

According to Ministry of Finance, the discussions, which also included Aamir Allawala from the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) and a member of the Inland Revenue Operations from FBR, centered on the performance of locally assembled cars and their significant impact on the national economy. The industry leaders proposed adjustments to import duties and incentives for Hybrid Electric Vehicles (HEVs) to enhance local manufacturing and reduce dependency on oil imports.

Minister Aurangzeb affirmed the government’s support for the automotive industry, emphasizing the importance of partnership between the public and private sectors to navigate industry challenges. He assured the delegates that the government would work within its fiscal constraints to achieve outcomes beneficial for both parties.

The delegation expressed gratitude towards the Minister for his commitment and reiterated their willingness to collaborate closely with the government to boost the competitiveness and growth of the local automotive industry.