Finance minister holds meetings with representatives of auto sector

ISLAMABAD    -  Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday held separate meetings with the representatives of auto sector. Finance Minister was called on by a delegation of Suzuki Motors Corporation (SMC) led by its Japanese Global Vice President Kenichi Ayukawa at Finance Division. Japanese CEO & MD of Pak Suzuki Motor Company Limited (PSMCL) Hiroshi Kawamura, and officers from Finance Division and FBR were also present in the meeting. Finance Minister Muhammad Aurangzeb welcomed the delegation and expressed his appreciation for Suzuki’s longstanding contributions in the development of Pakistan’s automobile industry. Ayukawa informed the finance minister that PSMCL has been present in Pakistan since 1983 and briefed the minister on their long term investment proposals in Pakistan. The delegation also suggested certain policy interventions to increase volume base in Pakistan to enhance their regional competitiveness. Senator Muhammad Aurangzeb appreciated the delegation for their innovative 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 promote clean energy and looks forward to investments in this significant domain. The delegation thanked the finance minister and committed to collaborate with the government to further mutual goals and enhance Pakistan’s economic development.

Meanwhile, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with the Vice Chairman Toyota Motor Corporation (TMC) Shinji Yanagi and CEO Indus Motor Company Limited, Ali Asghar Jamali, Aamir Allawala from Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM), along with Member- IR Operations FBR at Finance Division. Yanagi and Jamali expressed their interest in strengthening the local auto industry. They briefed the finance 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 finance minister reiterated the government’s commitment to support the local industry. He 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 favourable outcomes for both the government and the private sector.

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