Pakistan’s Suzuki Motor Company (PSMC) on Monday announced that its production plants in the country will remain completely closed between January 2 and 6. This is reportedly due to inventory shortage following the ban on import of auto parts.
Geo News reports that PSMC, in a notice sent to the Pakistan Stock Exchange (PSX), has said that the State Bank of Pakistan (SBP) has issued “pre-qualification for import under HS code 8703 category (Completely Knocked Down – including CKD)”. A mechanism has been introduced for approval. ) vide Circular No. 09 of 2022 dated 20 May 2022.”
The company which is engaged in progressive manufacturing and marketing of Suzuki cars, pickups, vans, 4×4 and motorcycles and related spare parts assemblies, said that “the restrictions had adversely affected the clearance of import consignments resulting in inventory levels. “
The PMSC said that “therefore, due to reduction in inventory levels, the management of the company has decided to close its plant for automobiles as well as motorcycles for a period from January 02, 2023 to January 06, 2023. “