Islamabad, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, engaged with key representatives from Toyota Motor Corporation and the Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) today, focusing on initiatives to bolster the local automotive sector.
According to Press Information Department, the meeting, which took place at the Finance Division, saw the participation of Mr. Shinji Yanagi, Vice Chairman of Toyota, Mr. Ali Asghar Jamali, CEO of Indus Motor Company, and Aamir Allawala from PAAPAM. Discussions centered on enhancing the performance and production volume of locally assembled cars and their contribution to the national economy. The delegates proposed adjustments to import duties and incentives for Hybrid Electric Vehicles (HEVs) to reduce the country’s oil import bill.
Minister Aurangzeb reiterated the government’s commitment to supporting the automotive industry, emphasizing the need for collaborative efforts between public and private sectors to overcome industry challenges. He assured that the government’s actions would align with its fiscal capabilities to achieve mutually beneficial outcomes. The meeting concluded with the delegation expressing gratitude and a commitment to closely work with the government to drive growth and competitiveness in the local auto industry.