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Monday, July 15, 2024

Toyota’s Ride: From Local Assembly to European Roads

Indus Motor Company plans to export 50 locally assembled Toyota vehicles to Scandinavia and is also exporting human resources to Japan, aiming to bolster foreign exchange reserves. CEO Ali Asghar Jamali emphasizes the need for government support to maximize export potential and facilitate global expansion.

According to recent statements from Indus Motor Company’s (IMC) CEO, Ali Asghar Jamali, the company is preparing to export a shipment of 50 locally assembled Toyota Revo, Fortuner, and Toyota Corolla Cross cars to Scandinavian countries, including Denmark, Sweden, and Norway. This move represents a significant expansion into international markets for the company.

Jamali revealed these export plans during a media briefing, where he also announced intentions to export human resources to Japan, indicating IMC’s global ambitions. This initiative is expected not only to demonstrate the quality and competitiveness of Pakistani automotive manufacturing but also to contribute to the country’s foreign exchange reserves.

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Acknowledging the economic benefits, Jamali estimated that the shipment could generate approximately $1.5 million in foreign exchange revenue. However, he noted the challenges posed by high tariffs in export markets, resulting in vehicles being priced 15-20 percent above cost.

Furthermore, IMC has already commenced the export of 150 workers to Japan, with expected earnings ranging between $2 million and $2.5 million. Jamali aims to increase this number to 250 workers within the next 10 months, aiming to double the earnings from this venture.

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Jamali emphasized the importance of government support in facilitating these export initiatives, calling for the negotiation of free trade agreements (FTAs) with potential countries, particularly in Africa, in collaboration with industry stakeholders. He stressed the need for a favorable business environment and stable policies to maximize export potential, including the localization of raw material production and achieving economies of scale.

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This strategic move by IMC underscores the company’s commitment to global expansion and its confidence in the quality of Pakistani-made automobiles on the international stage.