Lahore: The Lahore Chamber of Commerce & Industry and Export-Import Bank of the United States (EXIM) would work together to ensure an integrated approach to facilitate the importers & exporters in Pakistan.
This was agreed at a meeting between the Vice President of Global Business Development, EXIM Bank, USA Mr. Raymond J. Ellis and the LCCI President Ijaz A. Mumtaz here at the Lahore Chamber of Commerce & Industry on Wednesday. U.S Consul General Zachary Harkenrider, Commercial Counselor Cheryl J. Dukelow, LCCI Senior Vice President Mian Nauman Kabir, former LCCI Senior Vice President Mian Tariq Misbah and Executive Committee Members also spoke on the occasion.
“A meaningful longstanding partnership between the EXIM Bank and LCCI could enhance trade & economic cooperation between the two countries”, they said.
Raymond J. Ellis finformed the LCCI president that the basic objective of the Export-Import Bank of the United States 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 United States. He said that EXIM is an independent, self-sustaining Executive Branch agency with a mission of supporting American jobs by facilitating the export of U.S. goods and services. He said that EXIM Bank fills in the financing gap for the US businesses by equipping them with the financing tools necessary to compete at global level.
He said that EXIM 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, the LCCI President Ijaz A. Mumtaz said that USA has been a very important trading partner of Pakistan since decades. He said that among the top exporting and importing countries for Pakistan; the USA comes at 1st and 8thplaces respectively.
Ijaz A. Mumtaz said that Pakistan exported to the tune of US$ 3.65 billion and imported goods worth US$ 1.80 billion from USA in 2014. He said that Pakistan has far more potential to increase the current level of trade with USA.
He said that presently, there are number of challenges to our importers and exports who are regularly trading with their counterparts in USA. He said that Financial constraint is one of them. He said that various credit facilities offered by EXIM Bank to international buyers would also be helpful for the LCCI members.
LCCI president urged the Vice President Vice President of Global Business Development, EXIM Bank to develop a special package including short term, medium term and long term financing for the Pakistani businessmen.
He said that easy procedure to apply for competitive financing and flexible repayment schedules will attract the attention of all present in the meeting.
Ijaz A. Mumtaz also appreciated the role of US Consulate in Lahore for strengthening the trade and economic ties between the two countries.