Breakthrough on raw materials
23/06/2008
The government in Pakistan has bowed to pressure from the leather sector and withdrawn a 35% cash margin on the imports of hides, skins and other raw materials, including chemicals for the leather industry.
At the same time, Fawad Ijaz Khan, chairman of the Pakistan Leather Garments Manufacturers and Exporters Association (PLGMEA) publicly thanked Dr Shamshad Akhtar governor of the State Bank of Pakistan (SBP) for agreeing to exempt his member companies from having to present a 35% cash margin on opening letters of credit.
Mr Fawad explained in a statement that there was already an acute shortage of raw material in the leather sector in Pakistan.
Share this story:
