LAHORE: Lahore Chamber of Commerce and Industry on Tuesday urged the government to issue policy on import of raw materials.
In a statement released on Tuesday, acting LCCI President Zafar Mehmood Chaudhry said that industrial Closure due to an acute shortage of raw materials will be a new phenomenon that is likely to disturb the government in coming days. He said that the banks’ refusal to issue LCs is delaying the industry’s access to raw materials. He claimed that as a result, both the industry’s ability to meet local market demand and the volume of exports are declining.
He said that the lack of available raw materials is causing businesses to lay off employees and shop owners to stop employing new employees, which has doubled the jobless rate.
The acting president of the LCCI issued a warning that the already overstretched economy will suffer if the raw material shortfall was not addressed.
Acting president of the LCCI, Zafar Mehmood Chaudhry said that as of right now, it appears that the government has no policy for the import of raw materials.
He said the Prime Minister and Finance Minister should publish a policy declaration on the pressing problem. He claimed that because of the shortage of wheat, we have seen a state of mayhem where workers would rather wait in line for free flour than going to work.
Copyright Business Recorder, 2023
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