Union of Small and Medium Enterprises for letter of Credit in Pakistani currency for trading with Iran

Karachi: The Union of Small and Medium Enterprises (UNISAME) has invited the attention of the federal commerce minister Makhdoom Amin Fahim to the fact that India is accepting letter of credits and invoice payments in Indian rupees from Iran but Pakistan has not yet arranged the facility of Pakistani rupees letter of credits for Iranian buyers.

President UNISAME Zulfikar Thaver said business demands positive prompt decisions and regretted that Pakistan is losing the traditional Iranian market and Iranian buyers of Pakistani rice and other commodities are switching over to India due to the prompt facility provided by India.

He said Pakistani rice exporters have been shipping rice and other commodities regularly to Iran via Dubai and payments were being made in US Dollars but due to sanctions imposed on Iran the Iranian currency has been devalued and the Iranian buyers cannot afford to pay in US Dollars even via Dubai as ultimately they have to purchase the dollars with their own currency.

He said Pakistani super basmati white and parboiled rice is much liked in Iran for their traditional dish of rice with minced meat balls and Pakistani rice exporters earned good name for their brands in Iran.

He lamented that the hard work of years is being lost due to lack of action and lethargy on the part of our policy makers who are procrastinating instead of taking quick actions to facilitate the Iranian buyers.

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