Islamabad (TDI): The 85th meeting of the Exports Development Fund (EDF) Board was presided over by Mr. Jam Kamal Khan, Minister of Commerce, on September 20, 2024.
This was the first meeting following the new Board’s announcement last month.
The Board is made up of 15 members from the private sector and includes ex-officio members from the State Bank of Pakistan, Trade Development Authority of Pakistan, Ministry of Commerce, Ministry of Finance, and Ministry of Industries and Commerce.
The new Board, which includes Chairmen of Associations from the value-added textile, agricultural, livestock, chemical, and engineering sectors, as well as Presidents of the Chambers of Federation of Pakistan in Karachi, Lahore, Sarhad, Quetta, and Sialkot, offers the private sector a diverse range of regional and sectoral representation.
Together with these industry heavyweights, the Board also consists of representatives of women-owned export businesses, including Ms. Mehreen Obaid from Towellers Limited, Mr. Aamir AllahWala from Tecno Group, and Mr. Bilal Tata from Tata Best Foods.
The new members were greeted by Mr. Jamal Kamal Khan, who also outlined the potential of the reformed Exports Development Fund to increase Pakistan’s exports by allocating funds to a range of activities.
Which are based on the demands of exporters and establishing a national framework that facilitates value addition, research and development, compliance enhancement in line with international standards, upgrading export infrastructure, and marketing/branding of the nation’s potential abroad.
The Board was notified of the significant changes that EDF has implemented recently, such as announcing its independence, amending the EDF Act to allow the direct transfer of the Export Development Surcharge to the EDF Public Account, and digitizing its revenue collection system with the aid of PSW and SPB.
Also read: Jam Kamal Khan Attends Industry Councils To Promote Export Sector
The Board was also informed that a comprehensive project to develop the Vision, Mission, and Future Strategy of the EDF has been started with the assistance of the FCDO Remit Project.
Additionally, a chartered accounting firm has been hired to reorganize the EDF as an organization in order to ensure the fund is used effectively, transparently, and efficiently and to assess its impact.
To support the Board’s adoption of a proactive, forward-thinking attitude, the Chairman of the EDF Board instructed the formation of several committees composed of EDF Board members to oversee research and development, training, technological upgrade, foreign outreach, etc.
Twenty out of the thirty financial proposals, adding approximately Rs. 8.5 billion, were approved by the Board.
The proposals focused on the defense sector, textiles, food and agriculture, jewelry, and gems and textiles, as well as Pakistan’s overall branding through participation in Expo 2025 in Osaka, Japan.
For thorough Board analysis, the EDF Board has also been instructed to reveal specifics of the proposed EDF-PSW MoU at the next meeting.
Through the use of the PSW platform, the Memorandum of Understanding aims to establish two-way direct communication between EDF and exporters for the purposes of need analysis, effect assessment, market intelligence, and sectoral, regional, and geographic tagging of exporters for focused information sharing.
The initiatives comprised a range of marketing initiatives, including the organization of international exhibitions within Pakistan, such as Texpo 2025 organized by TDAP, IDEAS organized by DEPO, Gems & Jewelry Show organized by FPCCI, OIC-Conference, and Wexnet aimed at women’s empowerment, among others.
Also read: Jam Kamal Holds Meeting With US Trade Rep
These shows would help Pakistani exporters promote their goods internationally in addition to providing support for product exhibitions.
A portion of the project financing will go toward facilitating business with foreign customers by arranging B2B meetings and offering the best hospitality.
Projects related to research and development and technology acquisition were also approved by the Board.
These included the opening of International Technology Promotion Offices at TUSDEC, Sindh Agriculture University, Tando Jam, and Disease Diagnostic Research Centre for Mango, the Design Center at Pakistan Institute of Fashion Design, Lahore, and the establishment of Solar Tunnel Dryers for Exportable Dried Chilies at Umer Kot, Mirpur Khas, and Badin, all with assistance from UNIDO.
The Board also approved money for the first Expo Center to be completed in Peshawar, which will give entrepreneurs in Khyber Pakhtun Khwa venue to host international exhibitions.
The EDF Board chairman notified the attendees that the group will reconvene as soon as feasible to discuss the remaining suggestions regarding exports.
To direct Fund resources toward anticipated fruitful initiatives that will promote export development throughout Pakistan, he also pledged to schedule more frequent meetings of the EDF Board.
