IMC to invest $335m over five years

CEO highlights localisation-led growth of auto sector

LAHORE:

Indus Motor Company (IMC) Chief Executive Ali Asghar Jamali has said that Toyota has made a direct investment in Pakistan of $736 million in the past 35 years, and the company has planned to further invest $335 million over the next five years.

These investments will make IMC the first automotive company in Pakistan to invest more than $1 billion in the automotive industry.

"The company has also contributed approximately $6.3 billion in taxes to the national exchequer over the past three and a half decades, accounting for around 1% of total government tax collection annually," said Jamali while speaking at a ceremony to celebrate Toyota's 35 years in Pakistan, held at its manufacturing plant at Port Qasim.

He added that today IMC's extensive network of dealers and suppliers supports more than 55,000 jobs across its value chain, where local parts makers supply over Rs210 million worth of parts every working day to support the production of Toyota vehicles for Pakistan. The company's "Make-in-Pakistan" expedition has protected the outflow of $6.5 billion in import bill through localisation and import substitution.

Indus Motor was incorporated in 1989 as a joint venture between the House of Habib, Toyota Tsusho Corporation, and Toyota Motor Corporation, and is the manufacturer and assembler of Toyota vehicles, parts, and accessories in Pakistan.

"We are celebrating a legacy of manufacturing excellence, localisation, and sustained contribution to the country's automotive industry, with over 1.2 million vehicles sold nationwide since the start of operations.

"Nearly three and a half decades ago, the first Toyota Corolla was rolled out, which today stands at IMC's headquarters. From an initial annual manufacturing capacity of 5,000 vehicles to 76,000 vehicles per year today, IMC has grown significantly over the past 35 years," Jamali said.