According to a recent report from 24NewsHD TV channel, multinational companies operating in Pakistan are shutting down their mobile phone assembly units due to a shortage of dollars.
Three major companies have already closed their assembly units, causing concern among traders in the mobile phone market in Lahore.
Sardar Azhar Sultan, President of Lahore Traders Rights, spoke to City42 TV channel about the challenges faced by the industry.
He said, “Due to the shortage of dollars, mobile phone companies are facing difficulties in sending capital to their head offices abroad. This is not just affecting the companies, but also the business community as a whole.
He added: “Importers are struggling to open Letters of Credit (LCs) to bring in mobile phone accessories, and without these goods, it’s difficult for businesses to operate.”
This news has raised concerns about the potential impact on the economy and employment in the region, as well as the future of the mobile phone industry in Pakistan.
The government and relevant authorities will have to take immediate steps to address the issue of dollar shortage and find ways to support the businesses and traders affected by the closures.