FAISALABAD: Turin-based Pakistani Financial Consultant and Chief Commercial Officer of SACE Saeed Ahmad visited the Faisalabad Chamber of Commerce & Industry (FCCI) and discussed various issues with its President Dr Khurram Tariq.

He mentioned a scheme under which Pakistani industrialists could purchase machinery from 21 countries including Italy without any involvement of banks but they have to pay back the amount in euro.

He said that he intends to introduce this scheme initially in Lahore and Faisalabad with the collaboration of Italy and Germany which could be replicated in other cities at a later stage. He said that for this scheme only bilateral agreement would be required. However, he clarified that all types of machinery could be imported excluding prohibited items.

Dr Khurram Tariq discussed the merits and demerits of this scheme and said that during the decade of 1980 hundred percent industry in Pakistan including spinning mills were installed under this scheme but in present circumstances, it could not yield positive results.

He further said that insurance, depreciation of Pak rupee and many other related issues have made it impossible to implement in the prevailing situation. He particularly mentioned the SME sector and said that it would not be able to avail this scheme due to the massive and unpredictable depreciation of Pak rupee. The meeting was also attended by Senior Vice President Dr Sajjad Arshad, Shafique Hussain Shah, Sheikh Abdul Majeed and Dr Ashfaq.