Wednesday September 22, 2021

SCCI welcomes cash in counter facility extension

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has welcomed the government’s decision of two and half months extension in the cash in the counter facility.

He said this while presiding over a meeting of industrialists, exporters and importers here at the Chamber’s House on Friday, said a press release.

The senior vice-president Engineer Manzoor Elahi and vice president Junaid Altaf and others attended the meeting.

SCCI President Sherbaz Bilour hoped the move would not only facilitate regional trade but also ease difficulties of the business community, especially exporters.

He said the State Bank of Pakistan had taken the decision that the authorized dealers may accept cash convertible currencies as export proceeds for settlements of exports to Central Asian Republics (CARs) through land routes till October 15, this year.

After this period, he added, the authorized dealers shall allow the realization of export proceeds against exports to CARs only through banking channels as per notification of the central bank.

The participants appreciated the government’s decision, allowing exports in convertible currencies to the CARs. They hoped the move would give a boost to exports to regional countries, especially to mitigate problems of the exporters.

Sherbaz Bilour emphasized that the mutual trade between Pakistan and Afghanistan and onward to regional countries is essential to stabilize and strengthen the national economy that would also help to generate diverse employment opportunities in the country. He said the chamber had already presented a written draft to the federal government, suggesting different proposals to strengthen trade with Afghanistan and the CARs.

The SCCI chief hoped that the chamber proposals would be implemented in letter and spirit to help boost regional trade.

Sherbaz Bilour recalled that during the visit of Prime Minister Imran Khan to Uzbekistan, the SCCI had signed different agreements with the Uzbekistan Chamber.

He said the enhancement of economic and trade relations between SCCI and Uzbekistan chamber was part of the efforts to strengthen regional trade.