MoC approves Rs950m for export-related projects

ISLAMABAD: The Ministry of Commerce on Thursday approved Rs950 million for export-related projects with an aim to provide competitiveness to the export value chain.

The decision was made during the 19th finance committee meeting of the Board of Administrators of Export Development Fund (EDF), chaired by Adviser to Prime Minister on Commerce Abdul Razak Dawood.

The committee deliberated upon various proposals related to export sectors like leather, cutlery, fisheries, textile, sports goods, garments etc. Proposals amounting to Rs950 million were approved.

The amount would be spent be on the upgradation and replacement of physical testing equipment at Pakistan Textile Testing Foundation in Faisalabad, a testing laboratory for leather, Karachi Garment City Company. Hi-Scan X-Ray Inspection System at Sialkot International Airport, building for SAARC Chamber of Commerce and Industry, and compliance to IOTC’s resolutions for export of tuna.

The committee also approved a budget of Rs8.9 billion for EDF for the financial year 2021-22 based on EDS collection expected during the current financial year.