EDF board greenlights Rs8.5bn investment in textiles, agriculture

September 23, 2024 (MLN): The Export Development Fund (EDF) Board on Friday approved 20 out of 29 financial proposals worth over Rs8.5 billion, targeting textiles, food and agriculture, gems and jewelry, and the defense sector, as well as promoting Pakistan's brand by participating in Expo 2025 in Osaka, Japan.

Jam Kamal Khan, Minister for Commerce also chaired the 85th meeting of the EDF Board on 20th September, 2024.

This was the first meeting after the notification of the new Board which was recently constituted last month comprising of ex-officio members of 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 & Sialkot and Chairmen 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.

Jamal Kamal Khan welcomed the new members and highlighted the potential of the reformed EDF to boost Pakistan's exports by channeling funds into various activities tailored to exporters' needs.

He emphasized the importance of creating a facilitative environment at the national level for value addition, research and development, enhancing compliance with global requirements, upgrading export infrastructure, and marketing the country's potential in the international arena.

The Board was apprised that EDF has made drastic reforms during the recent times which includes 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 SPB and PSW etc.

The Board was also apprised 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 etc. 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 expo 2025 by TDAP, IDEAS by DEPO, Gems & Jewelry 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.

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.

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.

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