PM praises investment of Toyota Motors

PM praises investment of Toyota Motors

ISLAMABAD: Prime Minister Imran Khan on Wednesday praised Toyota Motors for investing $100 million for locally production of hybrid electric vehicles.

A delegation of Toyota Indus Motors Company Pakistan called on Prime Minister Imran Khan.

The meeting was attended by Vice Chairman Shinji Yanagi and Chief Executive Officer (CEO) Ali Asghar Jamali.

The meeting was also attended by Finance Minister Shaukat Fayyaz Tareen, Industries and Production Minister Makhdoom Khusro Bakhtiar, Energy Minister Muhammad Hamad Azhar and concerned senior officials.

The prime minister was informed that Toyota Motors would invest $100 million in Pakistan for local production of hybrid electric vehicles.

The Prime Minister termed the decision of Toyota Motors a significant step in combating climate change and creating vast employment opportunities in the country.

The Prime Minister directed the authorities concerned to get maximum share for Pakistan in the international auto export market. The Prime Minister appreciated the cooperation of Toyota Motors in bringing down the prices of vehicles.

Stressing on the importance of technology transfer, the Prime Minister said that the government would extend all possible assistance for the production of quality vehicles at reasonable prices.

Earlier in the day a communication sent to the Pakistan Stock Exchange (PSX) Indus Motors Company Limited announced to invest around $100 million during the next three years for local production of Hybrid Electric Vehicle (HEV) in Pakistan.

The company said that based on the incentives provided by certain taxes and duties as announced by the government through Finance Act, 2021, the company had evaluated and planned to invest an estimated aggregate amount of $100 million, over the period of next three years. The investment will be made for the local production of HEV in Pakistan. The announced investment shall be made towards plant upgradation and extension, localization of parts or components and production preparation or assembling of the first Hybrid Electric Vehicle, by the company at its plant in Port Qasim Authority, Karachi.