LAHORE, Sep 02 (APP):Lahore Chamber of Commerce and Industry (LCCI) President Faheem-ur-Rehman Saigol Wednesday offered full support and cooperation to EXIM Bank of Pakistan and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to strengthen export promotion efforts and facilitate the business community. He was speaking during a meeting with President EXIM Bank of Pakistan Shahbaz Hussain Syed and President ICIEC Dr. Khalid Khalif Ullah here …
LCCI seeks greater export support for SMEs through finance, insurance
LAHORE, Sep 02 (APP):Lahore Chamber of Commerce and Industry (LCCI) President Faheem-ur-Rehman Saigol Wednesday offered full support and cooperation to EXIM Bank of Pakistan and the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) to strengthen export promotion efforts and facilitate the business community.
He was speaking during a meeting with President EXIM Bank of Pakistan Shahbaz Hussain Syed and President ICIEC Dr. Khalid Khalif Ullah here at Lahore Chamber. LCCI Executive Committee members and other senior representatives were also present.
Faheem-ur-Rehman Saigol said that Lahore Chamber, being one of the largest chambers in Pakistan with over 48,000 member companies, represents businesses from diverse sectors, including large-scale industries, SMEs, exporters and importers. He said that with Pakistan’s imports reaching around USD 70 billion, there was an urgent need to enhance and diversify exports.
He said that LCCI was actively working for diversification of export markets and products and was committed to facilitating its members in accessing new international opportunities. He welcomed EXIM Bank and ICIEC leadership to the Lahore Chamber and offered to establish a help desk at LCCI to facilitate exporters and provide them with relevant guidance and support.
The LCCI President said that the proposed facility would not only benefit LCCI members but would also contribute to the national objective of increasing Pakistan’s exports. He appreciated the efforts of EXIM Bank to strengthen its engagement with exporters and expressed hope that collaboration between LCCI, EXIM Bank and ICIEC would open new avenues for export growth.
Speaking on the occasion, President EXIM Bank of Pakistan Shahbaz Hussain Syed said that EXIM Bank, as Pakistan’s National Export Credit Agency, was committed to remaining close to the country’s exporters and providing them with appropriate support.
He said that EXIM banks had been serving exporters in developed markets for several decades, while Pakistan’s institution was relatively new. He emphasized that although EXIM Bank was a 100 percent government-owned entity, its engagement was primarily with the private sector; therefore, it had adopted a business-oriented and responsive approach.
Shahbaz Hussain Syed said that SMEs capable of exporting or bringing foreign exchange into Pakistan were a prime target of EXIM Bank. He said that the institution had limited resources and therefore had to adopt a focused approach to ensure that its support reached businesses where it could create the greatest impact.
He highlighted EXIM Bank’s recent international partnerships, saying that three important agreements had recently been signed in Islamabad in the presence of the Federal Minister for Finance. One of these agreements was signed with ICIEC, marking EXIM Bank’s first insurance agreement with the organization.
He said the agreement with ICIEC would help enhance services and risk coverage for Pakistani exporters and expressed appreciation to Dr. Khalid Khalif Ullah for visiting Pakistan and supporting the initiative.
He said another important initiative had been launched with the Export Development Fund to address the financing challenges faced by SMEs, particularly issues relating to lack of collateral and documentation. Under the initiative, a fund of around Rs 3 billion had been established to provide credit insurance support to exporters with international orders.
He explained that the facility would help protect exporters against risks and could also improve their ability to obtain financing against insured export transactions.
Shahbaz Hussain Syed further said that EXIM Bank had also signed an agreement with AutoSoft for development of a digital platform, which would help the bank expand and digitize its services in the coming year.
He said EXIM Bank was engaging with leading chambers, exporters and banks to understand the challenges faced by Pakistani exporters and develop practical solutions. He added that a CEO roundtable had also been organized with leading banks to discuss exporters’ challenges in consultation with international partners.
Dr. Khalid Khalif Ullah, President ICIEC, expressed his appreciation to LCCI President Faheem Ur Rehman Saigol for facilitating the engagement with the business community and said that continued cooperation between ICIEC, EXIM Bank and leading chambers could play an important role in strengthening Pakistan’s export capacity.
