Federal Minister for Information and Broadcasting, Fawad Chaudhry visited Indus Motor Company and commended the company’s efforts to promote localization, utilizing domestic workforce and numerous locally manufactured parts.
He also planted a tree to participate in IMC’s Million Tree Drive and lauded the CSR initiatives of IMC including the Million tree plantation drive and its contribution to Dam Fund.
‘IMC is an engineering marvel and Government is committed towards boosting the industry and supporting auto sector to attract more investment’ he added.He was briefed on IMC’s commitment towards ‘make in Pakistan’ by developing a strong local engineering and vendor base. He was also briefed on IMC’s contribution in the National Exchequer, employment generation and transfer of technology. Challenges being faced by the sector were also highlighted and discussed.
While briefing the minister on IMC and its various initiatives, CEO Ali Asghar Jamali said, ‘Through localization the domestic auto industry purchases almost 150 million rupees worth of parts daily from local vendors, thereby, saving foreign exchange and creating countless job opportunities for the people of Pakistan. In our flagship brand, Toyota Corolla, whenever you touch a part, there is 90% chance that part is localized and produced locally’ Jamali added.
Lauding the government’s efforts to boost auto sector, he requested that the policy should encourage local manufacturing of parts because that is what will generate employment and create a sustainable value chain in the sector. The latest edition of Global Economic Conditions Survey (GECS) from ACCA (the Association of Chartered Certified Accountants) and IMA (Institute of Management Accountants) finds Pakistan’s economic confidence fell sharply in the final quarter of 2018.
The global poll of 3,800 accountants found Pakistan’s economy to be amongst the lowest in the South Asia region as it continues to struggle with macroeconomic imbalances. Other regions recorded a negative confidence score with signs of growth weakening in the world’s three biggest economies – the US, China and the Eurozone. Global economic confidence fell for the third consecutive quarter in Q4 2018, ending the year at an all-time low.
Commenting on the findings, Sajjeed Aslam, head of ACCA Pakistan said: ‘Despite overall confidence in South Asia holding up better than elsewhere in the world, economic sentiment in Pakistan is now at its second-lowest level since the GECS series began in 2009.