ITFC support sought to boost exports

Updated Dec 06 2019

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Pakistan on Thursday asked the International Islamic Trade Finance Corporation (ITFC) to set up an Exim bank in the country to help boost exports and the proposal is currently under consideration, said Minister for Economic Affairs Hammad Azhar. — DawnNewsTV/File
Pakistan on Thursday asked the International Islamic Trade Finance Corporation (ITFC) to set up an Exim bank in the country to help boost exports and the proposal is currently under consideration, said Minister for Economic Affairs Hammad Azhar. — DawnNewsTV/File

ISLAMABAD: Pakistan on Thursday asked the International Islamic Trade Finance Corporation (ITFC) to set up an Exim bank in the country to help boost exports and the proposal is currently under consideration, said Minister for Economic Affairs Hammad Azhar.

The minister is attending the ITFC Partners Forum 2019 in Jeddah.

He said ITFC finances fuel requirements of Pakistan in terms of finance and it eases pressure on our foreign exchange.

Earlier, Mr Azhar participated in a panel discussion on ‘Trade as a strategic development: the role of ITFC and its partners’ where he said international trade helps in achieving sustainable development goals and positively impacts people’s lives.

There is a need to increase trade among Muslim countries to achieve the objectives of sustainable development and bring positive change, he said.

He asked ITFC to develop training tools in Islamic banking as Islamic banking is very popular in Pakistan. In response to questions, the minister said that 40 per cent of Pakistan’s economy is based on SMEs.

“We are building an export oriented economy. There is a need to focus on trade in our nearby region and amongst the Muslim countries and explore the opportunities,” he added.

The minister stressed that the China-Pakistan Economic Corridor offers investment opportunities to all countries.

The minister also interacted with economists and financial advisers and CEOs of banks from other Muslim countries and discussed matters relating to development of bilateral trade and investment.

ITFC held its partners forum to celebrate twelve years of partnership with member countries in Jeddah on Thursday.

The corporation’s objectives are to promote economic development across ITFC member countries and creating lucrative investment opportunities for its partners.

Published in Dawn, December 6th, 2019