Non-Opening of LCs: Mobile phone companies stop operations in Pakistan
March 2, 2023 11:11 PM
Pakistan's mobile industry has been hit by a big blow as mobile phone companies stopped operations in the country, 24News HD TV Channel reported on Thursday.
According to the report, the mobile companies stopped their operations in Pakistan by the reason of the non-opening of Letters of Credit (LCs).
As per details, the Chinese company Transition Techno Electronics which started mobile manufacturing under the China-Pakistan Economic Corridor (CPEC) project has stopped production in Pakistan.
The Chinese company started a joint venture with a Pakistani company and was producing around 0.3 million mobile phones per month.
The channel report said, due to the non-opening of LCs, raw material is not available so mobile manufacturing has become difficult in Pakistan.
Former Chairman Investment Board Azfar Ahsan wrote a letter to the Prime Minister to take immediate notice of the situation.