Establish-ment of EXIM Bank of Pakistan Limited is a positive step in right direction to give infrastructural support to the exports and imports from Pakistan, however, to fully achieve its objective, real stakeholders must be included in its Board of Directors (BoDs), said Engineer Muhammad Saeed Sheikh President Faisalabad Chamber of Commerce and Industry (FCCI).

He was talking to Yasir Hayat Khan, company secretary who met him in his office here yesterday. President briefed him about the economic importance of Faisalabad and said that out of total $ 18 billion exports of Pakistan, the share of Faisalabad is around 33 per cent. Similarly, out of $ 11 billion textile exports, Faisalabad is contributing $ 6 billion per annum which is around 55 per cent of the total textile exports. He welcomed the establishment of EXIM Bank and said that its primary objective is to support the exports and imports and being export centre, Faisalabad will be the main beneficiary of the EXIM Bank. He said that generally, figures are quoted that Karachi is the main revenue generating city of Pakistan which is not true. He said many Punjab and KPK based companies have their head offices in Karachi. If the revenue generated by only Punjab based companies is included in the concerned province, then the Faisalabad will become the major contributor towards the revenue generation. President also suggested that Yasir should have detailed meetings with the office-bearers of PTEA and PHMEA.

However, President FCCI expressed concern that despite of the economic importance, the Faisalabad is not given due representation in the economic policy-making. He demanded that Faisalabad be given maximum representation in the BOD of EXIM Bank to make it productive and result-oriented.

Earlier, M Yasir Hayat Khan briefed that the idea of EXIM Bank floated in 2004 but it was incorporated in 2015. It is fully owned by the Government of Pakistan which is not only providing finance but also extending the facilities of insurance and guarantee to the exporters and importers. He told that Asian Development Bank has hired a consultant to formulate the aims and objectives of this Bank and to make it truly productive and supportive towards imports and exports. He told that a questionnaire has been provided to fully assess the needs of importers and exporters.

He requested President FCCI for the immediate circulation of this questionnaire so that proper aims and objectives could clearly be defined in its mandate in accordance with actual demands and needs of the importers and exporters. He hoped that this Bank will become operational within next six to eight months.

Copyright Business Recorder, 2017