ICCI urges government to address delay in opening LCs of importers - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- September 20, 2022 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

Quote

Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the business community was facing the problems of unnecessary delay in opening Letters of Credit (LCs) for import of raw materials and called upon the government to address this issue on urgent basis for facilitating the growth of business activities. He said this while addressing a dinner reception hosted by Muhammad Naveed Malik, former Senior Vice President, and ICCI.

Muhammad Shakeel Munir said that due to delay in opening of LCs, many industries including food, pharmaceuticals, steel, automobiles, telecom, home appliances etc. we're facing the shortage of raw material for their manufacturing activities and if this issue was not addressed forthwith, it would badly affect the production activities and further hurt the already struggling economy.

He said that the government had announced to lift ban on imports, but the business community was still facing a delay in opening of LCs for many important items including machinery and equipment. This situation has created a lot of concerns in the SMEs and large scale manufacturing industry, therefore, he appealed to the finance minister to take urgent notice of this matter and intervene to address this issue of utmost importance for...