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Tecno Electronics 'shuts' mobile phone production in Pakistan over import curbs

07:17 PM | 3 Mar, 2023
Tecno Electronics 'shuts' mobile phone production in Pakistan over import curbs

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.

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.

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PKR exchange rate to US dollar, Euro, Pound, Dirham, and Riyal - 21 Feb 2024

Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.

Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.

UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.

Today’s currency exchange rates in Pakistan - 21 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.6 282.4
Euro EUR 300 303
UK Pound Sterling GBP 350.5 354
U.A.E Dirham AED 76.15 76.9
Saudi Riyal SAR 74.35 75.1
Australian Dollar AUD 181 183
Bahrain Dinar BHD 743.32 751.32
Canadian Dollar CAD 207 209
China Yuan CNY 38.89 39.29
Danish Krone DKK 40.38 40.78
Hong Kong Dollar HKD 35.74 36.09
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 902.41 911.41
Malaysian Ringgit MYR 58.6 59.2
New Zealand Dollar NZD 171.68 173.68
Norwegians Krone NOK 26.43 26.73
Omani Riyal OMR 725.96 733.96
Qatari Riyal QAR 76.76 77.46
Singapore Dollar SGD 207 209
Swedish Korona SEK 26.53 26.83
Swiss Franc CHF 316.9 319.4
Thai Bhat THB 7.93 8.08

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