Indus Motors inks deal for exports to Egypt
Business
It’s a huge development for auto industry given the massive fall in domestic demand
KARACHI (Web Desk) – Indus Motors – Pakistan’s largest automaker – reached an agreement with Toyota Egypt to the export its “high-quality products” to the African country, a welcoming development for the company that has witnessed a huge fall in domestic demand.
But it’s not just Indus Motors as the entire auto sector is experiencing contraction in sales due to inflation, higher prices and reduced purchasing power.
Although the company did not specify the nature of the products, a press release said, "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 [original equipment manufacturer] in Pakistan and plans are in place to continue in this direction."
Indus Motors described it as a significant milestone that will not only augment its export capabilities standards but also contribute immensely towards the development of Pakistan's growing auto industry.
"To see the ‘Make in Pakistan’ dream cross international borders is a big moment, not just for us but the country too.”
"What’s more, this step will bolster connectivity between Africa and Pakistan and boost trade links under the government’s Look Africa policy," the release says.
