Interview with Mr Anis Majeed – Chairman, Bombi’s Group
PAGE:Â Tell me something about yourself and your business please:
Anis Majeed: I am Chairman of Bombi’s Group and Convener Pulses Committee of Federation of Pakistan Chamber of Commerce and Industry (FPCCI). I have also served as Chairman Karachi Wholesales Grocers Association (KWGA) for 16 years, Managing Committee member of Karachi Chamber of Commerce and Industry (KCCI) and General Body Member of FPCCI. I am part of various other business and social associations to give services for Trade and Industry. I have been in the commodities business for more than 35 years. I along with my brothers inherited pulses processing unit, which was established by my father more than 50 years ago. By the Grace of Allah, the company grew and started indenting, importing and exporting various agro commodities globally. Alhamdulillah we are pioneers in our field and represent Pakistan at different national and international forums.
PAGE: Your views on the remittances received by Pakistan in the given situation of uncertainty across the globe:
Anis Majeed:Â It is a good indicator for the economy to receive hefty remittances in the current fiscal year. We need to understand two prospects of these remittances; one is that the currency should be stable, which is beneficial for the importers and exporters. When the currency depreciates, exporters get temporary benefit but the rate of inflation spikes. Once prices of commodities increase, it is very difficult for them to decrease again in the retail market, even if the currency appreciates since it is not passed on to the general public. Second prospect is that when the currency appreciates, it is temporary benefit for the importers, however, there is trade deficit since import exceeds exports and it damages exporters who incur loss in the wake of currency appreciation and also exports are less competitive in the global market. Hence dollar should be stabilized for the benefit of trade and economy.
PAGE: What is your take on the prevalent Covid-19 pandemic coupled with global lockdown and the remittances being sent to Pakistan by the Pakistani diaspora?
Anis Majeed:Â During Covid-19, which is still in full swing, entire world has been encountering lockdowns. Millions have been furloughed and unemployment has emerged as one of the most acute snags. Globally, workers with even meager wages feared losing jobs and have remitted to Pakistan all their savings. Well off individuals living abroad even in the developed countries also remitted to Pakistan for two reasons; one is that they wanted to help the people of Pakistan and donated accordingly and second is that they wanted to make some investment in Pakistan just in case due to pandemic they have to leave the country and go back to Pakistan. In this scenario, Roshan Digital Account (RDA), which has received over one billion US dollars so far proved helpful as a lot of people legally remitted funds and invested in different sectors of Pakistan.
PAGE: What are your views on the role of exchange companies and banks in terms of foreign remittances?
Anis Majeed:Â Role of foreign exchange companies has been limited in this process as recently government has been putting a lot of restrictions to make the process documented and through banks. In this measure, Roshan Digital Account was a great initiative for convenience to the sender and the receiver of funds. Plus it was all documented. Our banking system is one of the best in the world and they have been working smoothly during this process.
PAGE: How would you comment on hundi and hawala and the requirements of the Financial Action Task Force?
Anis Majeed:Â Government has taken strict measures to curb Hundi and Hawala and in my opinion they have been quite successful in controlling this fund transfer method. Giving alternative legal ways to sender and receiver will make the system more documented. It is a requirement by FATF but in the long run it will be beneficial for our country and our economy.