KARACHI – The Indus Motors Company (IMC), the assembler and seller ofToyota-brand vehicles in Pakistan, has decided to “completely” shut downits production plant in the country from February 1-14 due to restrictionson import.
The automaker has informed the general manager of the Pakistan StockExchange, stating that the government had directed the commercial banks tofacilitate the imports to the certain sectors, which does not include autoindustry.
“The company and its vendors continue to face major hurdles in import ofraw materials and receiving clearance of their consignments from commercialbanks,” Geo News quoted the letter as having said.
It said the company was unable to import raw material and components forthe vehicles.
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“Accordingly, the company has insufficient inventory levels, therefore, thecompany is unable to continue its production activities,” the notice read.The plant will remain closed completely from February 1 to 14.
From Feb 15, the production will be reduced to single shift until furthernotice.
