Dawlance CEO meets Senate Committee members.

ISLAMABAD -- Dawlance is Pakistan's leading producer of innovative home appliances and a wholly-owned subsidiary of Arcelik - the 2nd largest manufacturer in Europe. Chief Executive Officer of Dawlance Umar Ahsan Khan recently held a meeting with members of Senate Finance Committee to highlight the adverse economic impact of the current interruption in Pakistan's import trade.

The participants discussed critical issues; as the shortage of foreign-currency reserves in Pakistan, has driven the State Bank of Pakistan (SBP) to curtail the imports of many important commodities and goods, over the past many months. Even large-scale industries are not allowed to open LCs for importing raw materials essential for their operations. Dawlance's shipments of raw materials and components have also been blocked, halting the manufacturing operations since January for all products that are not only sold locally but exported to other countries too.

Expressing his concerns about this crisis, Umar Ahsan Khan said: 'Restrictions were placed on Dawlance's imports, from May to August 2022, so we were not able to open any LCs for 'Chapter 84 and 85 items'. From August till December 2022, we were instructed by the State Bank to work under a quota of 38% of our past year's imports, forcing our company to reduce its production. Even this small quota was not received in full, or on time. On 27th December, the SBP instructed all the banks to prioritize the LCs for essential items like; food, fuel, fertilizers, only'

The...