KARACHI: Indus Motor Company (IMC) held its 18th Annual Dealer Conference here. Toyota Motor Asia Pacific Senior Vice President Michinobu Sugata was the chief guest.

The conference, which had the theme 'Challenge the Change', was attended by the company's dealers, guests from Japan, senior management from the House of Habib, business partners and the Indus team.

Speaking on the occasion, Michinobu Sugata stated that the global automobile industry is facing big challenges due to the current economic downturn and in these difficult times "we have to challenge the change."

He mentioned that Pakistan is one of the most promising countries for Toyota and it foresees enormous potential for future growth. Sugata congratulated Indus Motor Company and its dealers for selling the highest number of 'Corollas in Asia' for the period Jan-Jun 09.

IMC Chairman Ali S Habib, in his address, mentioned Pakistan continues to face a challenging economic environment and the automobile sector is facing an unprecedented decline.

In fiscal year 2007-08, sales of passenger cars and light commercial vehicles went down by 16 per cent and in FY 08-09 they plunged by 48 per cent. However, he said that the removal of 5 per cent Federal Excise Duty on cars with engine capacity above 850cc in the federal budget 2009-10 is a positive step by the government.

He added the government should take more steps and develop long-term policies to arrest the decline of the auto industry, which is in the national interest and will pave the way for further investment, technology transfer and employment in the sector.

To recognise the dealers' efforts, awards were presented during the conference to best dealerships in three regions.