Automobile giants propose HEV uptake boost to cut oil imports

May 24, 2024 (MLN): A delegation comprising representatives of major automobile giants presented proposals to the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, aimed at enhancing the uptake of Hybrid Electric Vehicles (HEVs) to reduce the oil import bill in a meeting yesterday.

The delegation consisted of Vice Chairman of Toyota Motor Corporation (TMC), Shinji Yanagi, CEO of Indus Motor Company Limited, Ali Asghar Jamali, Aamir Allawala from the Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM), and a Member-IR Operations from FBR.

Shinji Yanagi and Ali Asghar 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 further proposed certain adjustments to import duties to foster local industry growth, thereby contributing to overall economic progress.

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 favorable outcomes for both the government and the private sector.

The delegation thanked the Minister for Finance & Revenue and expressed their commitment to work closely with the Government to enhance the growth and competitiveness of the local auto industry.

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