SBP restrictions force shutdown of switchgear industry 200 manufacturers businesses, housands of jobs at stake: PEPMA

The switchgear industry is in deep trouble due to the negligence of government authorities, the State Bank of Pakistan, and the Finance Ministry by restricting the import of raw material components and sub-components in chapter 85 (Subheading Especially 8535 & 8536 and others) and clearance of shipments at the port since last 3 months and constant currency depreciation, around 200 manufacturers businesses and thousands of employee jobs are on stake due to non-seriousness of authorities.
Pakistan Electrical Panel Manufacturers Association (PEPMA) highlighted that the switchgear industry is an integral part of the export industry, power energy and utility sector, local industry, and infrastructure of the country and its raw material is not luxury items, stopping this raw material will also restrict whole industry.
The industry directly or indirectly linked with switchgear manufacturers are NTDC, DISCOs, Government entities, Private Sector customers like Textile, Cement, Sugar, Rice, Floor, Ghee/Oil, Automobile, Steel Furnace, Rerolling, Healthcare, IT, Energy sector, etc.
This is much serious issue and PEPMA humbly requested the authorities to open the import with a smooth process of switchgear raw material items from immediate effect.
PEPMA is available for the future strategy to authorities for the establishment of a local manufacturing strategy of a similar item to reduce the import bill of the country. – PR