ISLAMABAD: The Export Development Fund (EDF) Board has approved 20 proposals worth more than Rs. 8.5 billion for textile, agriculture, and global branding initiatives to participate in Expo 2025 in Osaka Japan.
Minister for Commerce Jam Kamal Khan chaired the 85th meeting of the Export Development Fund (EDF) Board on 20th September 2024. He approved 20 out of the 29 financial proposals worth more than Rs. 8.5 billion targeting textiles, food and agriculture, gems and jewellery, defence sector as well as branding of overall Pakistan by participating in Expo 2025 in Osaka Japan, according to a press statement.
This was the first meeting after the notification of the new Board which was recently constituted last month comprising ex-officio members of the Ministry of Commerce, Ministry of Finance, Ministry of Industries, State Bank of Pakistan and Trade Development Authority of Pakistan 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 and Sialkot and Chairmen of Associations from value-added textiles, agriculture, livestock, chemical and engineering sectors.
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The Board also includes sector leaders such as Bilal Tata from Tata Best Foods, Mr Aamir AllahWala from Tecno Group, and Ms Mehreen Obaid from Towellers Limited representing women-led export enterprises.
Jamal Kamal Khan welcomed the new members and highlighted the potential available in the reformed EDF for boosting the exports of Pakistan by channelising the money into various activities as per the needs of the exporters and creating a facilitative mode at the national level for value addition, research and development (R&D), 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 recent times which include notification of EDF as an autonomous body, amendment in the EDF Act for direct transfer of Export Development Surcharge to EDF Public Account, digitalisation of revenue collection system with the help of SPB and PSW etc.
The Board was also apprised that a detailed activity has been initiated with the help of the FCDO Remit Project for the development of the Vision, Mission and Future Strategy of EDF while a Chartered Accountancy Firm has also been hired to restructure EDF as an organisation for efficient, effective and transparent utilisation of the fund and its impact assessment.
Chairman EDF Board directed to formation of various committees from amongst the EDF Board members to overlook research and development, training, technology enhancement, international outreach etc. for assisting the Board in adopting a forward-looking proactive approach.
The Board approved 20 out of the 29 financial proposals worth more than Rs. 8.5 billion targeting textiles, food and agriculture, gems and jewellery, defence sector as well as branding of overall Pakistan by participating in Expo 2025 in Osaka Japan.
The EDF Board also directed to share details of the proposed EDF-PSW MoU in the next meeting for proper analysis of the Board. The MoU intends to create two-way direct communication between EDF and exporters using the 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 the holding of international level exhibitions inside Pakistan such as expo 2025 by TDAP, IDEAS by DEPO, Gems & Jewellery Show by FPCCI, OIC-Conference and Wexnet targeting Women empowerment by TDAP etc. These exhibitions will not only support Pakistani exporters to exhibit their products but will be used as branding activities for Pakistan across the globe.
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