"More than 3.2 million SMEs are functioning in Pakistan, they contribute almost 30% in GDP," LCCI President Sohail Lashari.
This was agreed during a meeting between EXIM Bank Global Business Development Vice President Raymond J Ellis and the LCCI President Ijaz A Mumtaz.
Ellis informed the LCCI president that the basic objective of the EXIM bank of the US is to plan, promote and develop exports and imports of the country.
He said that the EXIM is the official export credit agency of the US.
“The EXIM Bank is an independent, self-sustaining executive branch agency with a mission of supporting American jobs by facilitating the export of US goods and services,” he said.
He said that the EXIM Bank fills in the financing gap for US businesses by equipping them with financial tools necessary to compete at a global level.
“The bank is offering team financing for international buyers of US capital goods or services and also providing US companies with export credit insurance that extends credit and protects against buyer nonpayment.”
Speaking on the occasion, LCCI President Ijaz A Mumtaz said that US has been a very important trading partner of Pakistan for decades.
“The US stands on top for exports and eighth for import,” he said.
Mumtaz said Pakistan exported goods worth $3.65 billion and imported items valuing $1.80 billion from the US in 2014. He said that Pakistan has far more potential to increase the current level of trade.
He said that there are a number of challenges facing importers and exporters regularly trading with their counterparts in the US.
“Financial constraint is one of them and various credit facilities offered by EXIM Bank to international buyers would also be helpful for the LCCI members,” he stated.
Published in The Express Tribune, May 28th, 2015.
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