RCCI concerned over delay in LCs | The Express Tribune


RAWALPINDI:

The Rawalpindi Chamber of Commerce and Industry (RCCI) has shown grave concern over the delay in opening Letters of Credit (LCs) and demanded the Federal Minister of Finance Miftah Ismail intervene and open LCs immediately. “Many industries are now facing a shortage of raw material and are on the verge of cutting production,” said RCCI President Nadeem Rauf. He highlighted that key product, especially under HS codes 84 and 85 include home appliances, air conditioners, IT products, generators, telecom, steel and automobiles. Importers are worried due to the non-opening of LCs. Factories importing raw material for producing food, medicines and iron are now facing serious supply constraints.

Published in The Express Tribune, September 20th, 2022.

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