SMES ad­vised cau­tion in ship­ment to Gulf, Mideast

The Financial Daily - - NATIONAL -

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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“Si­tara-e-Im­tiaz”.-Staff Photo

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