Marking a historic turning point, Indus Motor Company (IMC) has become the first-ever auto manufacturer to open gates to the global supply chain by signing an agreement with Toyota Egypt to export high-quality products starting July 2023.
Toyota Corolla and Yaris cars sales also decreased by 66.67 per cent as it went down to 18,838 units in fiscal year 2022-23 from 56,528 units in the same period of the previous year. Whereas, overall car sales plunged by 58.8 percent, the steepest fall in country’s history, 96,812 units during the fiscal year 2023, As per the latest data shared by Pakistan Automotive Manufacturers Association (PAMA).
“As the country prepares for anticipated elections in 2023, it continues to face a fragile economy along with deepening domestic polarization. Meanwhile, devastating flooding across Pakistan in 2022 has caused billions in damage, strained the country’s agriculture and health sectors, and also laid bare Pakistan’s vulnerability to climate disasters and troubling weaknesses in governance and economic stability” states United States Institute of Peace.
Whilst this collaboration is a remarkable achievement for IMC and a significant step towards establishing its global footprint, it is also the first time for any local automotive part to be part of the Toyota Global Supply Chain, opening new horizons and encouraging other such manufacturers to follow suit.
The first consignment of semi-processed raw material to be shipped to Toyota Egypt will mark the beginning of era from the export point of view by any OEM in Pakistan and plans are in place to continue in this direction.
This partnership with Toyota Egypt is the first step to meet requirements set under the Auto Industry Development and Export Policy (AIDEP) 2021-2026. This is a significant milestone that will not only augment IMC's export capabilities and serve as a testament to IMC’s quality standards but also contribute immensely towards the development of Pakistan's growing auto industry.
At a small ceremony held at the company’s plant at Port Qasim, it’s Chief Executive, Ali Asghar Jamali, said, “To see the ‘Make in Pakistan’ dream cross international borders is a big moment, not just for us but the country too. Becoming part of Toyota’s global supply chain is an affirmation of IMC’s commitment to see Pakistan on the world map and strengthening its overall economy. We are looking forward to further enhancing our capabilities with this collaboration but it does not stop here; we plan to go further and beyond this to place Pakistan’s auto industry as a symbol of reliability and quality on the globe.”
He further said, “What’s more, this step will bolster connectivity between Africa and Pakistan and boost trade links under the government’s “Look Africa” policy. “
As a leading player in the Pakistani automotive industry, IMC is committed to providing the best services to its customers while adhering to the highest standards of quality. This partnership with Toyota Egypt is a great global validation to IMC's unwavering dedication towards innovation and customer satisfaction, which has made it a reliable and trusted brand in the South Asian region.