ICCI urges govt to address delay in opening LCs of importers.

ISLAMABAD -- 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.

It urged the government to address this issue on urgent basis for facilitating the growth of business activities.

While addressing a dinner reception hosted by Muhammad Naveed Malik, former Senior Vice President, ICCI, Muhammad Shakeel Munir, President ICCI

Muhammad Shakeel Munir said that due to delay in opening of LCs, many industries including food, pharmaceuticals, steel, automobiles, telecom, home appliances were facing the shortage of raw material for their manufacturing activities.

He said that 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 delay in opening of LCs for many important items including machinery and equipment.

This situation has created lot of...