KARACHI – The Transsion Tecno Electronics, mobile phone production facility initiated under CPEC in Pakistan has been forced to shut down operations due to a shortage of raw materials and components amid curbs on imports by the government.
Former Board of Investment (BoI) chairman Azfar Ahsan raised the concerns in a letter to Prime Minister Shehbaz Sharif. He said the production facility was a joint venture between China and Pakistan and it started production in early 2019 as an initiative under CPEC Phase II B2B cooperation. “The company produced 300,000 smartphones per month. They also offered employment to 12 Chinese managers, 400 Pakistani engineers, and 2500 male and female employees,” the letter said.
“In addition to Transsion Tecno Electronics, 30 other mobile phone manufacturers, including global brands Samsung, Xiaomi, Vivo, OPPO, Nokia, Tecno, Infinix and Itel, are facing similar issues,” he wrote.
https://twitter.com/khawajaNNInews/status/1631554739832758273
Shortage of raw materials and inability to open letters of credit since January 2023 have forced this situation, putting jobs and the economy at risk, he added.
“Massive layoffs are creating a further negative impact. The industry needs USD 100 million per month to stay afloat at even 50% capacity and to retain the 35,000-40,000 direct and indirect jobs created by the same,” he said.
Mr Ahsan sought immediate interference from the prime minister to revive operations of this labor-intensive industry. “In these trying times of economic uncertainty, it is critical for Pakistan to maintain the trust of foreign and local investors so that growth is spurred, and employment opportunities are generated again,” he said.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on May 27, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
US Dollar | USD | 307.9 | 311.15 |
Euro | EUR | 330 | 333 |
UK Pound Sterling | GBP | 381 | 384.5 |
U.A.E Dirham | AED | 84.6 | 85.4 |
Saudi Riyal | SAR | 82.6 | 83.4 |
Australian Dollar | AUD | 201 | 203 |
Bahrain Dinar | BHD | 762.21 | 770.21 |
Canadian Dollar | CAD | 225.5 | 227.5 |
China Yuan | CNY | 40.6 | 41 |
Danish Krone | DKK | 41.39 | 41.78 |
Hong Kong Dollar | HKD | 36.6 | 36.95 |
Indian Rupee | INR | 3.47 | 3.58 |
Japanese Yen | JPY | 2.15 | 2.2 |
Kuwaiti Dinar | KWD | 932.2 | 941.2 |
Malaysian Ringgit | MYR | 62.42 | 63.02 |
New Zealand Dollar | NZD | 176.98 | 178.98 |
Norwegians Krone | NOK | 26.14 | 26.44 |
Omani Riyal | OMR | 744.58 | 752.57 |
Qatari Riyal | QAR | 78.73 | 79.41 |
Singapore Dollar | SGD | 215 | 217 |
Swedish Korona | SEK | 26.73 | 27.03 |
Swiss Franc | CHF | 316.34 | 318.84 |
Thai Bhat | THB | 8.28 | 8.43 |
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 235,550 on Saturday.The price of 10 grams of 24k gold was recorded at Rs201,950.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
City | Gold | Silver |
Lahore | PKR 235,550 | PKR 2,450 |
Karachi | PKR 235,550 | PKR 2,450 |
Islamabad | PKR 235,550 | PKR 2,450 |
Peshawar | PKR 235,550 | PKR 2,450 |
Quetta | PKR 235,550 | PKR 2,450 |
Sialkot | PKR 235,550 | PKR 2,450 |
Attock | PKR 235,550 | PKR 2,450 |
Gujranwala | PKR 235,550 | PKR 2,450 |
Jehlum | PKR 235,550 | PKR 2,450 |
Multan | PKR 235,550 | PKR 2,450 |
Bahawalpur | PKR 235,550 | PKR 2,450 |
Gujrat | PKR 235,550 | PKR 2,450 |
Nawabshah | PKR 235,550 | PKR 2,450 |
Chakwal | PKR 235,550 | PKR 2,450 |
Hyderabad | PKR 235,550 | PKR 2,450 |
Nowshehra | lPKR 235,550 | PKR 2,450 |
Sargodha | PKR 235,550 | PKR 2,450 |
Faisalabad | PKR 235,550 | PKR 2,450 |
Mirpur | PKR 235,550 | PKR 2,450 |
Copyright ©2023. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.