Karachi Chamber of Commerce and Industry (KCCI) revealed that Pakistan is facing an industrial slowdown because of the non-issuance of letters of credit.
KCCI President, Mohammad Tariq Yousuf mentioned that because of the non-issuance of letters of credit (LCs), companies are unable to import raw materials from other countries.
This situation has caused a slowdown in industrial activities. Moreover, he claimed that this condition can lead to a higher degree of unemployment in an already ailing economy.
Furthermore, the gas crisis is affecting the industrial production sector resulting in an industrial slowdown.
Tariq Yousuf mentioned that industries in the long run will not be able to provide salaries and wages to their employees if the current situation prevails.
Also, if the government is unable to LCs quickly then there can be a severe shortage of basic industrial goods.
