Indus Motor signs export agreement with Egypt

As the automobile sector ended FY23 with a 50 per cent dip in year-on-year sales, Indus Motor Company (IMC) said it has signed an agreement with Toyota Egypt to export “high-quality products” from July. A press release issued by the company on Tuesday did not specify the nature of the products which will be exported. The first consignment “will mark the beginning of an era” from an export point of view by an original equipment manufacturer in Pakistan, the company said. In a ceremony held at the company’s plant at Port Qasim, IMC Chief Executive Ali Asghar Jamali said the move will bolster connectivity between Africa and Pakistan and boost trade links under the government’s ‘Look Africa’ policy. The automobile sector had a forgetful year in 2023 when its sales slumped by more than half compared to the preceding year.