Overview
Suzuki is shutting down production for the second time this year, just as the year has begun. Pak Suzuki Motor Company Ltd (PSMCL) initially declared that it would cease operations from January 2-6, 2023. However, due to a shortage of CKD kits and accessories, it has delayed its plant suspension from January 9 to 13.
State Bank of Pakistan
According to sources, SBP has delayed the acceptance of letters of credit (LC) for completely knocked-down (CKD) kit imports. This slowed vehicle production and delivery, forcing Toyota IMC and other automakers to observe non-production days (NPDs) as well.
Millat Tractors Limited
Millat Tractors Limited, Pakistan’s largest tractor manufacturer, had previously suspended operations till further notice due to declining tractor demand and cash flow issues.
The Pakistan Association of Automotive Parts and Accessories Manufacturers (PAAPAM) and the Lahore Chamber of Commerce and Industry (LCCI) expressed extreme worry about Millat Tractors’ stopping manufacturing.
Kashif Anwar and Usman Aslam Malik Joint Statement
Usman Aslam Malik, Senior Vice Chairman of PAAPAM, and Kashif Anwar, President of LCCI, made a joint statement in which they stated that the country must be rescued before it reaches the “point of no return.” They urged the administration and opposition parties to work together to improve the country’s deteriorating economy.
