ISLAMABAD: In a significant move to bolster Pakistan’s export sector, the Export Development Fund (EDF) has approved 20 proposals of worth Rs 8.5 billion for initiatives targeting textiles, agriculture, gems and jewelry, defense, and global branding
This was approved during the 85th meeting of the Export Development Fund (EDF) Board under the chairmanship of Minister for Commerce Jam Kamal Khan, said a news release here on Sunday.
The Board approved 20 out of the 29 financial proposals by participating in Expo 2025 in Osaka Japan.
The minister highlighted the potential available in the reformed EDF for boosting the Pakistan exports by channelizing the money into various activities as per needs of the exporters and creating facilitative mode at the national level for value addition, research & development, increasing compliance as per global requirement, upgradation of the export infrastructure and marketing/branding of the country’s potential in the international arena.
The Board was apprised that EDF has made drastic reforms during the recent times which include notification of EDF as autonomous body, amendment in the EDF Act for direct transfer of Export Development Surcharge to EDF Public Account, digitalization of revenue collection system with the help of State Bank of Pakistan (SBP) and Pakistan Single Window (PSW).
The board was informed that a detailed activity has been initiated with the help of FCDO Remit Project for development of Vision, Mission and Future Strategy of EDF while a Chartered Accountancy Firm has also been hired to restructure EDF as an organization for efficient, effective and transparent utilization of the fund and its impact assessment.
Chairman EDF Board directed to form various committees from amongst the EDF Board members to overlook research & development, training, technology enhancement, international outreach for assisting the Board to adopt forward-looking proactive approach.
The EDF Board also directed to share details of proposed EDF-PSW MoU in the next meeting for proper analysis of the Board.
The intent of the MoU is to create two-way direct communication between EDF and exporters using PSW platform for need analysis, impact assessment, market intelligence and sectoral/regional/ geographic tagging of exporters for targeted information sharing.
The projects included various marketing interventions such as holding of international level exhibitions inside Pakistan such as Texpo 2025 by TDAP, IDEAS by DEPO, Gems & Jewelry Show by FPCCI, OIC-Conference and WEXNET targeting Women empowerment by Trade Development Authority of Pakistan (TDAP).
These exhibitions will not only support Pakistani exporters to exhibit their products but will be used as branding activities for Pakistan across the globe.
The project funding includes facilitation to international buyers through provision of best hospitality and arrangement of B2B meetings for best match-making.
The Board also approved projects linked to research & development and technology acquisition which included opening of UNIDO assisted International Technology Promotion Offices at TUSDEC, Disease Diagnostic Research Centre for Mango at Sindh Agriculture University, Tando Jam, Design Centre at Pakistan Institute of Fashion Design, Lahore as well as establishment of Solar Tunnel Dryer for Exportable Dried Chilies at Umer Kot, Mirpur Khas and Badin.
The Board also approved funding for completion of first Expo Centre in Peshawar to provide a platform for hosting international level exhibitions for entrepreneurs of Kyhber Pakhtun Khwa.
This was the first meeting after the notification of the new Board which was recently constituted last month comprising of ex-officio members of commerce ministry, finance ministry, industries ministry, SBP and TDAP with representation of 15 members from Private Sector.
The new Board provides diverse regional and sectoral representation to the private sector and includes Presidents of Chambers of Federation of Pakistan, Karachi, Lahore, Sarhad, Quetta, Sialkot and Chairman of Associations from value-added textiles, agriculture, livestock, chemical and engineering sector.
The Board also includes sector leaders such as Bilal Tata from Tata Best Foods, Aamir AllahWala from Tecno Group, and Ms. Mehreen Obaid from Towellers Limited representing women led export enterprises.
Chairman EDF Board informed the members of the EDF Board that next meeting of the EDF Board will be re-convened as soon as possible to consider the remaining proposals.
He also committed to hold EDF Board meetings more frequently for channelizing the Fund resources into awaited productive interventions leading to export development from across Pakistan.
