ISLAMABAD, MAR 03 (DNA) — Former Minister of State and Chairman of the Investment Board Pakistan Muhammad Azfar Ahsan has written an open letter to Prime Minister of Pakistan Shehbaz Sharif, urging him to take action to prevent the “forced closure” of Transsion Techno Electric, a mobile phone factory established under the China-Pakistan Economic Corridor (CPEC).
The factory was a significant contributor to the local economy, producing 300,000 smart mobile phones every month and employing 3,000 workers, including 400 engineers. Unfortunately, the factory has been forced to close due to the non-opening of letters of credit (LCs).
Transsion Techno Electric is not alone in facing difficulties, as many of the remaining 30 smartphone smuggling factories are also struggling. The smartphone industry in Pakistan employs around 400,000 people, making it a significant sector for the country’s economy.
The local mobile phone assemblers’ industry requires $100 million worth of equipment and raw materials every month, which can only be acquired through foreign exchange. The current situation has resulted in millions of dollars in lost revenue and the loss of thousands of jobs.
In his letter, Ahsan called on Prime Minister Shahbaz Sharif to take immediate action to resolve the situation and save millions of jobs in the industry. He also sent copies of the letter to several government officials, including the Federal Minister of Finance, the Minister of Industry and Production, the Federal Minister for Information Technology, the Minister of Commerce, and the Federal Minister for Planning.
The letter has highlighted the urgent need for the government to support the smartphone industry in Pakistan and ensure that it remains a vital part of the country’s economy. Failure to do so could have severe consequences, including further job losses and economic instability. — DNA