Editorial board member Kim Christensen has made an exclusive interview with LC VIEWS Editor Mr. Ravi Mehta about his background and why he started LC VIEWS.

Kim: You have a very broad knowledge regarding the LC instrument. Could you give us a few lines about your background from a LC perspective?

Ravi: I was on the faculty of the staff training college of an indigenous public sector bank in India. Besides classroom training in international banking and international trade finance, I imparted desk training - that is, customized training right at the desk of the practicing banker. I used to fly to the international banking centers of the bank all over India. I was a guest speaker at the business school of an Indian university where I did my Ph.D. work on the impact of bank lending on rural development. I lectured in the courses of the Indian Institute of Bankers, and Foreign Exchange Dealers' Association of India (FEDAI). I used to write for India's leading financial dailies - The Economic Times, and Financial Express, and for the IBA Bulletin of the Indian Banks' Association. In the USA, on my first visit as a tourist I got an opportunity to write for the New York-based monthly THE EXPORTER I became its Associate Editor later. My writings in THE EXPORTER convinced the USA to grant me permanent resident visa on priority basis in the category "Alien of Extraordinary Ability". I published "Export Letters of Credit: Eight Steps to Error-Free Compliance" in the Geneva-based International Trade Forum quarterly of the International Trade Center (ITC), owned by UNCTAD/WTO. The Forum published the said article in three editions: English, French, and Spanish. The article received worldwide appreciation and was reprinted on various websites and in various magazines in many trading countries. It was my original masterpiece; the consultant's consultancy aid; and the exporter's best business solution. I was on the ITC's roster of export finance consultants for three years. I now regularly write for the London-based Global Trade Review (GTR), and Trade and Forfaiting Review (TFR). I had the opportunity to write for the DCInsight of the ICC, and Documentary Credit World of the IIBLP. I am contributing editor for LC Monitor.

Kim: There are a number of publications in the market dedicated in part or fully to the LC. Why did you launch LC VIEWS?

Ravi: To do what others don't do - LC VIEWS does not repeat but initiates; nor does it re-search but does research. LC VIEWS is not a new bottle for old wine. To illustrate, LC VIEWS presents the views of LC specialists from the developing countries, who were hitherto silent in LC world, unknown outside their country; were mere classroom listeners in the forums organized by the developed countries. LC VIEWS presents the views of the next generation LC specialists from the developed countries. LC VIEWS is equal opportunity international forum. LC VIEWS projects the LC specialization history of the world-famous LC specialists as a source of inspiration for the next generation LC specialists. LC VIEWS serves to fill the gaps in LC information. It focuses on causes as the effects are already well known. It is attempting to let the world know that LC is more suitable, more effective as an economic development mechanism.

Kim: You seem to be very concerned with development in the developing countries. Why is that?

Ravi: I am from a developing country - India. I have seen the adverse consequences of lack of economic development. During my Ph.D. work I have seen India's rural poverty, which is the result of the country's poor economy. The adverse consequences like poverty inspired me to contribute to economic development. LC VIEWS is one step in this direction. The World Bank Economist Yung - Whee Rhee"s writing "Key Role for Trade Finance in Transition and Developing Economies" inspired me a lot to work a lot to improve the lot of the developing countries that have opted to use LC-based international trade as economic development strategy. LC VIEWS is my attempt, my contributory task in economic development. It is aimed at improving the developing country's LC management expertise
This expertise is an important part of trade finance infrastructure that a developing country needs as a stepping stone to economic development.

Kim: When comparing LC VIEWS with anything else in the market today, one can not help noticing some major differences. One is the focus on the LC practitioners. Why is this important?

Ravi: Good LC specialists breed good LC specialists. Their performances and achievements inspire next generation LC specialists to become good LC specialist likewise - good in terms of good practice and not great in terms of high organizational position or title. With this hypothesis in mind LC VIEWS is projecting the inspiring history of LC specialization of the world-famous good LC specialists for demonstration effect. It has debated in its one edition what is a good LC specialist. Economic development needs goods LC specialist as trade facilitator. The traders are the engines of economic development. The good LC specialists make these engines work very well.

Kim: When viewing your “project” from the outside, it looks like “Mission Impossible”. What is your goal, and how far are you from reaching it?

Ravi: Oh no, not impossible, rather possible. Possible, but challenging. Challenging, but not frustrating. LC VIEWS has determination and cooperation - cooperation of the Editorial Board - for fulfilling its mission. It is so far successful in its attempt. Without international cooperation the mission of course could be impossible. Determination alone is not adequate.
Determination + cooperation = mission possible or mission success.

Kim: You have a very impressive list of people in your editorial board, and it seems to be expanding all the time. What is the purpose of the editorial board – and is there a limit as to how long the list can get?

Ravi: LC VIEWS is trying to build a global team of LC specialists on equal opportunity basis to make LC play key role in global trade and economic development. LC is a global instrument. It needs global team for its global effectiveness and success. LC VIEWS is now trying to include in its Board team LC specialists from Latin America and Africa for getting their contributory services in its attempt to fulfill its set mission. The numerical size of the Board is determined by what LC VIEWS needs for its mission. The mission is a group task. The Board is not a showpiece, not a status symbol, not a marketing strategy. It is a team effort for the cause of economic development. The Board is not static. It is adaptive. It is purposeful. The long list of the Board members manifestly shows LC VIEWS' purpose. It, however, also shows LC VIEWS' popularity. LC VIEWS wants popularity to gain international cooperation for its effectiveness and success in its mission.

Kim: LC VIEWS has now been running for more than one year. What has been the response from the readers/market?

Ravi: So far so good. LC VIEWS has published the responses in one of its editions and on its website. The readers find it thought-provoking, offbeat.

Kim: How do you think that LC VIEWS will develop during 2006 - what can we expect?

Ravi: LC VIEWS may take the shape of research magazine, focusing on what, why, how, when, where, and how many, in order to fill the gaps in LC information. It may research the causes of discrepancies, delays and disputes and provide preventive remedies. There is urgent need of reduction of discrepancies, delays and disputes for facilitation of trade for acceleration of economic development. LC VIEWS edition on red flags in LC is a step toward reduction goal. You can expect LC VIEWS to play key role in making LC play key role in trade and economic development.