Toyota shuts down business in Pakistan
The manufacturer of Toyota automobiles, Indus Motors Company (IMC), has chosen to close its local production facility from December 20 to30, claiming a delay in State Bank of Pakistan import approvals (SBP).
The IMC management stated in a letter to the general manager of the Pakistan Stock Exchange that a new procedure for obtaining prior clearance for the import of “CKD kits and components of passenger automobiles (HS Code 8703 Category)” for the auto industry had been introduced by the central bank.
It further said, “The aforesaid delay in the approvals for the company and vendors has created hurdles in the import and clearance of consignments for raw materials and components of the company.”
the letter also stated, “This has resulted in insufficient inventory levels and consequently has created an adverse impact on the supply chain and production activities.” Therefore. the company was hence unable to continue its production activities.
Car owners and dealers may worry as Toyota shuts down business in Pakistan