Export Development Fund springs into action
Approves projects worth over billion rupees to promote country’s exports
The board directed TDAP to work in collaboration with the EDF secretariat, port authorities and officials of anti-narcotics department to establish digital scanning equipment at the ports. PHOTO: FILE
ISLAMABAD:
The Export Development Fund (EDF) on Monday approved projects worth over a billion rupees, in a bid to increase the country’s declining exports.
The decision was taken at the 70th meeting of the board of directors, which is authorised to utilise the funds accumulated under the Exports Development cess of 0.25%.
Federal Minister for Commerce Khurram Dastgir Khan chaired the meeting, which saw the approval of several projects meant to enhance, develop and facilitate Pakistan’s exports.
An official who attended the meeting said that the projects included the approval of a tannery zone in Sialkot at a cost of Rs400 million. The project is going to be implemented under the supervision of the Environmental Protection Agency Punjab with technical and financial assistance coming from the United Nations Industrial Development Organization (UNIDO). The project will address concerns of international buyers over environmental issues caused by the tanning industry.
The official said that the board also approved an amount of Rs530 million for holding road shows of Pakistani products in four Central Asian Republicans (CARs). These states include Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan. The events will showcase Pakistan’s products in the pharmaceutical, textile, sports, surgical goods, agricultural products and auto parts sector and will be held in May.
Additionally, the board also approved a project put forwarded by the Surgical Instruments Manufacturers Association of Pakistan to purchase hi-tech machinery for the sector. The board was informed that the Trade Development Authority of Pakistan (TDAP) plans to hold these exhibitions in a single visit during the first half of May.
“The Central Asian Republics have considerable imports in these sectors from around the world, but Pakistan has a very nominal share in it,” Dastgir was quoted as saying in a statement issued by the ministry. “With the advent of regional connectivity projects in Pakistan, these states have shown keen interest in importing from Pakistan which was conveyed during visits of Prime Minister Nawaz Sharif last year. These road shows will provide the private sectors to establish business-to-business linkages and capitalise on the opportunities which have appeared as a result of trade diplomacy.”
The board directed TDAP to work in collaboration with the EDF secretariat, port authorities and officials of anti-narcotics department to establish digital scanning equipment at the ports.
Dastgir added that in order to enhance export facilitation, the ministry aims to replace the time-consuming physical checking of export consignments with a swift and efficient mechanism.
The board was informed by the president of the Quetta Chamber of Commerce and Industry that the site for construction of an expo centre in the city has been finalised and negotiations with the provincial government to acquire the land is under way.
Published in The Express Tribune, February 23rd, 2016.
The Export Development Fund (EDF) on Monday approved projects worth over a billion rupees, in a bid to increase the country’s declining exports.
The decision was taken at the 70th meeting of the board of directors, which is authorised to utilise the funds accumulated under the Exports Development cess of 0.25%.
Federal Minister for Commerce Khurram Dastgir Khan chaired the meeting, which saw the approval of several projects meant to enhance, develop and facilitate Pakistan’s exports.
An official who attended the meeting said that the projects included the approval of a tannery zone in Sialkot at a cost of Rs400 million. The project is going to be implemented under the supervision of the Environmental Protection Agency Punjab with technical and financial assistance coming from the United Nations Industrial Development Organization (UNIDO). The project will address concerns of international buyers over environmental issues caused by the tanning industry.
The official said that the board also approved an amount of Rs530 million for holding road shows of Pakistani products in four Central Asian Republicans (CARs). These states include Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan. The events will showcase Pakistan’s products in the pharmaceutical, textile, sports, surgical goods, agricultural products and auto parts sector and will be held in May.
Additionally, the board also approved a project put forwarded by the Surgical Instruments Manufacturers Association of Pakistan to purchase hi-tech machinery for the sector. The board was informed that the Trade Development Authority of Pakistan (TDAP) plans to hold these exhibitions in a single visit during the first half of May.
“The Central Asian Republics have considerable imports in these sectors from around the world, but Pakistan has a very nominal share in it,” Dastgir was quoted as saying in a statement issued by the ministry. “With the advent of regional connectivity projects in Pakistan, these states have shown keen interest in importing from Pakistan which was conveyed during visits of Prime Minister Nawaz Sharif last year. These road shows will provide the private sectors to establish business-to-business linkages and capitalise on the opportunities which have appeared as a result of trade diplomacy.”
The board directed TDAP to work in collaboration with the EDF secretariat, port authorities and officials of anti-narcotics department to establish digital scanning equipment at the ports.
Dastgir added that in order to enhance export facilitation, the ministry aims to replace the time-consuming physical checking of export consignments with a swift and efficient mechanism.
The board was informed by the president of the Quetta Chamber of Commerce and Industry that the site for construction of an expo centre in the city has been finalised and negotiations with the provincial government to acquire the land is under way.
Published in The Express Tribune, February 23rd, 2016.