A major foreign automobile manufacturer has announced plans to invest between $300 million and $400 million in Pakistan over the next four to five years.
Speaking to the media, Indus Motor Company CEO Ali Asghar Jamali said the company is also prepared to launch electric vehicles in Pakistan, but urged the government to introduce a clear and consistent 10-year automotive policy instead of a five-year framework.
He said the policy should be free of ambiguity and provide long-term certainty for the industry. Jamali added that Toyota plans to invest $300–400 million in Pakistan over the next five years.
He noted that electric vehicle technology is rapidly being adopted worldwide and represents the future of the automotive industry, adding that Pakistan will also introduce EV models.
Responding to a question, he said lower interest rates had doubled auto financing over the past three years. He suggested removing the Rs3 million cap on bank financing for vehicles and increasing it to Rs10 million.
Jamali further stressed that increased local manufacturing is essential to boost exports and reduce vehicle prices through cheaper raw materials.
He also called for preferential trade agreements with countries importing Pakistani vehicles to reduce tariffs on exports.
