Karachi: Korean Chemical Company has announced to close the plant from today.
According to the details, due to the poor economic situation of the country, non-supply of foreign exchange by the central bank, the Korean multinational company announced to close its plant for an indefinite period.
Lotte Chemical Corporation, a Korean company that manufactures various types of chemicals, has closed its plant at Port Qasim in Karachi for an indefinite period.
The secretary of the company sent a letter to the Pakistan Stock Exchange saying that the current economic situation of the country and non-provision of foreign exchange for the import of raw materials by the State Bank are hindering the work.
The text of the letter read that “Due to non-opening of letter of credit by the banks, it has become impossible for the company to continue production activities in the plant.”
“The company has decided to shut down its Karachi plant from March 15 for an indefinite period,” the letter said.
It should be noted that local automobile assemblers have temporarily suspended their production due to non-supply of foreign exchange for the import of raw materials. Some other companies, including local mobile phone maker Techno Pakistan, have suspended or reduced their production activities.
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