Prime Minister Shehbaz Sharif applauded Toyota’s plan to manufacture hybrid vehicles in Pakistan and stated that local production of spare parts for the vehicles was essential.
Prime Minister Shehbaz Sharif stated on Thursday that Pakistan views Japan as an essential partner for its progress and prosperity, and that Japanese firms should take advantage of the numerous investment opportunities in Pakistan.
The Prime Minister was conversing with President Toyota Asia Yoshiki Konishi and Chief Executive Officer of Indus Motors Ali Asghar Jamali, who had paid him a visit.
Ambassador of Japan to Pakistan Mitsuhiro Wada, Vice Chairman of Toyota Indus Motors Shinji Yanagi, Minister of Finance Ishaq Dar, Minister of Industries and Production Makhdoom Murtaza Mehmood, Advisor to PM Ahad Cheema, Special Assistants to PM Jehanzeb Khan and Tariq Bajwa, and other high-ranking officials were present at the meeting.
In a briefing, the prime minister was informed that Toyota Indus Motors established a hybrid vehicle production unit in Pakistan for the first time with an investment of $100 million.
According to the state news agency, PM Sharif supported Toyota’s plan to manufacture hybrid vehicles in Pakistan.
The production of hybrid vehicles in Pakistan would reduce the country’s import bill, thereby saving valuable foreign currency, he said, adding that the government was providing all available facilities to encourage investment in contemporary technologies.
The Japanese ambassador stated that major Japanese corporations wished to increase their investments in Pakistan.
During the briefing, it was disclosed that starting in July of this year, Toyota Indus Motors would begin exporting vehicle spare parts, thereby integrating Pakistan into the global supply chain.
The prime minister stated that exports of spare parts should be increased by utilising the engineering sector’s capabilities. He stated that it should be ensured that spare parts for vehicles sold in Pakistan are produced locally. The meeting participants praised the prime minister for his government’s pro-business policies.