Import restrictions might result in closure of plant, PSMC says

July 28, 2022 (MLN): Pakistan Suzuki Motors (PSMC) on Thursday said that the import restriction imposed by SBP might result in a shutdown of the Company’s plant in near future.

In a notice to Exchange, the company stated that SBP has introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No. 09 of 2022 dated May 20, 2022.

Restrictions had adversely impacted the clearance of import consignments of the company from the ports which might result in a shutdown of the plant in near future. Therefore, Pak Suzuki has stopped bookings of its products since 1st July 2022.

However, as of today, there is no plan for plant shutdown., the company said., adding that the production schedule of the company and any non-production days remain contingent on a number of external factors.

The company is actively monitoring its production and operations and is closely working with the Government of Pakistan and SBP to alleviate the present challenges, notice said.

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