SMES advised caution in shipment to Gulf, Mideast
TFD Report KARACHI: The Union of Small and medium Enterprises (UNISAME) has advised SME exporters to exercise caution in exports to Libya, Syria, Bahrain and Yemen due to political unrest and to obtain insurance cover for loss due to strike, riot and civil commotion (SRCC) and also buyers failure to pay the bills.
President UNISAME Zulfikar Thaver said the SME exporters are advised in their own interest to only ship goods against 100% advance payment to these destinations and if not then to get themselves indemnified against losses due to SRCC, says a press of UNISAME.
He said it has been reported that many SME exporters are facing financial hardships due to non payment of their over due bills from these countries as the buyers are unable to remit the proceeds due to closure of business and short working hours of banks and also due to lack of funds.
He urged the SME exporters to follow the principle of "Know Your Customer" before shipments and gather all information about the customer in terms of credit worthiness, financial strength and payment habits as experience tell us that whatever the situation if the buyer is of good background and standing the bill is not dishonoured indefinitely and as soon as the situation is under control the proceeds would be remitted by a reputable buyer.
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