ISLAMABAD, May 23 (APP): Minister for Finance and Revenue Muhammad Aurangzeb on Thursday reiterating the government’s commitment to support local auto industry, emphasized the need for collaborative efforts between the government and the private sector to address the challenges faced by the automotive industry.
He said while meeting with the Vice Chairman Toyota Motor Corporation (TMC) Shinji Yanagi and CEO Indus Motor Company Limited Ali Asghar Jamali, and Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) Aamir Allawala, along with Member-IR Operations Federal Board of Revenue (FBR), said a news release.
The minister said that the government will proceed within the available fiscal capacity, to ensure favourable outcomes for both the government and the private sector.
Shinji Yanagi and Ali Asghar Jamali expressed their interest in strengthening the local auto industry. They briefed the 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 delegation thanked the minister and expressed their commitment to work closely with the government to enhance the growth and competitiveness of the local auto industry.