Islamabad, Sep 23: Twenty of the thirty financing proposals, totaling over Rs8.5 billion, that targeted the textile, food and agricultural, military, jewelry, and gem and gem industries, as well as promoting Pakistan’s brand by participating in Expo 2025 in Osaka, Japan, were accepted by the Export Development Fund (EDF) Board on Friday.
On September 20, 2024, Jam Kamal Khan, the Minister of Commerce, presided over the 85th meeting of the EDF Board. This was the first meeting following the announcement of the new board, which was formed last month and is made up of 15 members from the private sector as well as ex-officio members from the State Bank of Pakistan, Trade Development Authority of Pakistan, Ministry of Commerce, Ministry of Finance, and Ministry of Industries.
With Presidents of the Chambers of Federation of Pakistan in Karachi, Lahore, Sarhad, Quetta & Sialkot, and Chairmen of Associations from the value-added textiles, agriculture, livestock, chemical, and engineering sectors, the new Board offers the private sector a diverse range of regional and sectoral representation.
Leaders in the industry like Aamir AllahWala from Tecno Group, Bilal Tata from Tata Best Foods, and Ms. Mehreen Obaid from Towellers Limited, who represents women-owned export businesses, are also on the board.
While extending a warm welcome to the new members, Jamal Kamal Khan emphasized how the EDF’s reform may increase Pakistan’s exports by allocating funding to a range of initiatives catered to the demands of exporters.
He underlined the significance of developing a supportive national environment for R&D, value addition, improving conformity with international standards, modernizing export infrastructure, and promoting the nation’s potential abroad.
The Board was informed of the significant changes the EDF has implemented recently, such as announcing the organization’s independence, amending the EDF Act to allow the direct transfer of the Export Development Surcharge to the EDF Public Account, and digitizing the revenue collection process with the aid of PSW and SPB.
The Board was also informed that a chartered accounting firm had been hired to restructure EDF as an organization for the efficient, effective, and transparent use of the fund as well as its impact assessment. A detailed activity had also been started with the assistance of the FCDO Remit Project for the development of the Vision, Mission, and Future Strategy of EDF.
The chairman of the EDF Board gave the go-ahead to establish a number of committees made up of members of the board to oversee areas such as international outreach, technology advancement, training, and research and development in order to help the board take a proactive, forward-thinking stance.
In order to properly analyze the proposed EDF-PSW MoU, the EDF Board has also been instructed to provide details of it at the next meeting. By employing the PSW platform for need analysis, effect assessments, market intelligence, and sectoral, regional, and geographic tagging of exporters for targeted information sharing, the Memorandum of Understanding (MoU) aims to establish two-way direct communication between EDF and exporters.
The programs comprised a range of marketing interventions, including the organization of international exhibitions within Pakistan, such as IDEAS by DEPO, Expo 2025 by TDAP, the Gems & Jewelry Show by FPCCI, the OIC-Conference, and Wexnet, which TDAP targeted at women’s empowerment, among others.
In addition to helping Pakistani exporters display their goods, these shows will serve as global branding initiatives for Pakistan. The project funding comprises facilitating best-in-class hospitality and setting up B2B meetings for optimal matchmaking with foreign customers.
The Board also approved research and development and technology acquisition projects, such as the opening of TUSDEC’s International Technology Promotion Offices with assistance from UNIDO, the establishment of the Solar Tunnel Dryer for Exportable Dried Chilies at Umer Kot, Mirpur Khas, and Badin, the Disease Diagnostic Research Center for Mango at Sindh Agriculture University, Tando Jam, and the Design Center at Pakistan Institute of Fashion Design, Lahore.
In order to give Kyhber Pakhtun Khwa entrepreneurs a venue for staging international level exhibitions, the Board also approved funds for the completion of the first Expo Center in Peshawar.The chairman of the EDF Board notified the members that the next meeting will be rescheduled as soon as possible in order to discuss the remaining proposals.
Additionally, he pledged to increase the frequency of EDF Board meetings in order to direct Fund resources toward long-overdue, fruitful interventions that will promote export growth throughout Pakistan.
