ISLAMABAD: Japanese car assembler M/s Suzuki on Friday shared its woes with respect to restriction on imports with Minister for Commerce Syed Naveed Qamar. According to M/s Suzuki Motors, since last June, due to import restriction, the company is unable to make payment to its foreign suppliers.

The car assembler informed the Minister that it has already suffered a huge loss of Rs 19 billion till first quarter of outgoing fiscal year.

“Our survival is at stake. We have written letters to State Bank of Pakistan for facilitation and support but nothing has happened,” the sources quoted Suzuki delegation as conveying to the Minister.

M/s Suzuki has submitted the following requests to Commerce Minister: (i) immediate release of consignments at port that were shipped after January 18, 2023; and (ii) payment of long pending invoice to the company’s foreign supplier.

According to an official statement issued by the Commerce Ministry, a three-member delegation, led by Masafumi Harano, the Asia Head of Suzuki Motors, held a crucial meeting with the Federal Minister for Commerce in his chamber.

The meeting was attended by Hiroshi Kawamura, MD PSMCL, and Shafiq Ahmed Shaikh, Head of PR at Pak Suzuki. The purpose of their discussion was twofold: to address matters of mutual interest and deliberate on import-related issues, Commerce Ministry said, adding that Masafumi Harano emphasized the import restrictions issues and stressed the need for a conducive business environment that promotes growth and competitiveness.

The Minister expressed his willingness to address these concerns and assured Harano of the government’s commitment to facilitate a conducive import framework. The meeting concluded positively with both parties reaffirming their dedication to fostering a mutually beneficial partnership that will drive the growth of the automotive sector in the country.

Copyright Business Recorder, 2023