Indus Motors Company (IMC), the maker of Toyota vehicles, has decided to shut down its production plant in the country from December 20-30, citing a delay in import approvals from the State Bank of Pakistan (SBP).
In a letter addressed to the general manager of the Pakistan Stock Exchange, the IMC management said that the central bank had introduced a new mechanism for obtaining prior approval for the import of “CKD kits and components of passenger cars (HS Code 8703 Category)” for the auto sector.
“The aforesaid delay in the approvals for the company and vendors has created hurdles in the import and clearance of consignments for raw materials and components of the company.
“This has resulted in insufficient inventory levels and consequently has created an adverse impact on the supply chain and production activities,” the letter stated, adding that the company was hence unable to continue its production activities.
