Srinagar: The Kashmir Chamber of Commerce and Industry and Export-Import Bank of India (Exim) on Tuesday held a virtual meeting regarding the new initiatives and other programs of Exim bank.
The meeting was attended by Sheikh Ashiq Ahmad, President of Office Bearers and also by the other members of KCC&I, the spokesman said in a statement.
In the virtual meeting, a presentation was given by Virendra Mongia, Regional Head, India Exim Bank regarding the bank’s new initiatives and other programs. He briefed about the history and future programme/collaboration of the bank.
He also stated that India Exim Bank had been estlablished under an act of Parliament of India which is the country’s Export Credit Agency, providing Medium and Long-Term (MLT) facilities mainly in the foreign currency to sovereign governments, parastatal agencies, Indian exporters/companies.
However, the bank offers financing under various programmes to promote exports from the country.
Meanwhile, the bank has taken the process of taking certain new initiatives towards supporting SMEs and boosting exports from the country, by a collaborative association with the Indian FIs/Scheduled Commercial Banks (SCBs) and other stakeholders like Export Promotion Councils and Trade and Industry Associations.
Under the programme, they will provide support by offering credit enhancement to trade instruments (Letters of Credit, Bid bond/Performance/Advance Payment Guarantees) etc to the Public Sector Banks (PSB), by offering transaction-specific partial or full guarantees to cover payment risk of banks in the least developed/developing countries specifically in Africa, South America, CIS countries markets.
However, the bank has launched the USP to identify and support Indian companies that are the future champions with good export potential to build globally competitive companies and identified Indian companies supported under the Programme exhibit a latent advantage by way of a differentiated technology, product or process.
Recently, the Government of India has amended the Factoring Act (the Factoring Regulation (Amendment Act, 2021).
The Act aims to bring in more people in the field of factoring and receivable financing. Further, Banks and PSUs have already been mandated by the Government to be registered in Trade Receivables.
However, Ashiq had stated that the India Exim Bank should organize meetings and physical awareness camps in collaboration with KCC&I in future so that we can encourage young entrepreneurs, women entrepreneurs and all export businesses to improve the present conditions of the exports in the coming years.
He also stressed the role of young entrepreneurs in the export sector and various benefits for earnings in foreign exchange and said it is pertinent to mention that our exports from JK have declined to around 600 Crores which is the worst performance in the last few decades.
However, he appealed to all the members who were present in the virtual meeting to use their good offices for the promotion of exports from the region.