Toyota to export locally assembled vehicles to Europe

Indus Motor Company (IMC), the manufacturer of Toyota vehicles in Pakistan, will export 50 locally manufactured Toyota Revo, Fortuner and Toyota Corolla Cross cars to Scandinavian countries (Denmark, Sweden and Norway).

Toyota Pakistan CEO Ali Asghar Jamali disclosed this during a media briefing. He also revealed plans to export human resources to Japan.

They expect to earn $1.5 million in foreign exchange from this shipment. Jamali further said that the price of these vehicles is 15-20 percent higher than the cost due to high tariffs in export markets.

In addition, according to the CEO, the company has also exported 150 employees to Japan, which is expected to earn between $2 million and $2.5 million. “We are aiming to add 100 more employees in the next 10 months, which will double the earnings,” he added.

He highlighted the losses being suffered by Japanese and Chinese car assemblers. He said the industry has called on the government to assist local manufacturers by negotiating free trade agreements (FTAs) with potential countries, particularly in Africa, in consultation with industry stakeholders.

Jamali noted the need for government support, favourable business environment and stable policies to enhance export potential through localising raw material production and achieving economies of scale.

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