Dawlance’s CEO, Umar Ahsan Khan, stated before the Senate Standing Committee on Finance on Wednesday that the company is losing $500 million every month as a result of non-opening letters of credit (LCs).
One of Pakistan’s biggest manufacturers of home appliances informed the committee led by Senator Saleem Mandviwala that 1,000 employees have already been let go as a result of the non-opening of LCs.
The Dawlance CEO further told the committee that if LCs aren’t opened, the company will be forced to fire another 2,000 employees. Khan mentioned that in September of the current year, only 38 percent of the company’s LCs opened. Also, the situation was no different in October.
Khan mentioned a Turkish company’s $590 million investment in Dawlance. He continued by saying that foreign investors will move their capital to other nations if the scenario does not change. Moreover, Bangladesh offers investors every opportunity to open these factories.
