Faisalabad August 16 2022: Textile manufacturer fear to loss billion in exports as State Bank of Pakistan restrict Letter of Credit opening for import of machinery.
The exports of textile commodities decreased by 13.2 percent during the first month of the current fiscal year as compared to the previous month, the lowest since August 2021, as country fails to arrange LNG cargoes to meet local gas requirement at affordable prices.
“We at Interloop are setting up an Apparel manufacturing plant in Faisalabad. Most of the cost has incurred but SBP is not allowing to open couple of LCs for import of machinery. Our project will not only generate foreign exchange for the country” says Muhammad Maqsood Group Chief Financial Officer Interloop
He added, “But also create employment for more than 15000 people in addition to tax collection by the Government. Delay in project is not good for us, for the country and for the people. Please help us to establish LCs.”
