EDF Approves Rs 8.5 Billion for Textile and Agriculture Sectors

In a decisive step aimed at enhancing Pakistan's export capabilities, the Export Development Fund (EDF) has recently approved 20 proposals worth Rs 8.5 billion. This initiative is designed to support various sectors, including textiles, agriculture, gems and jewelry, defense, and global branding. The approval came during the 85th meeting of the EDF Board, chaired by Minister for Commerce Jam Kamal Khan, highlighting the government's commitment to strengthening the country's export sector.

The EDF Board's decision to approve 20 out of 29 financial proposals reflects a strategic approach to participating in Expo 2025 in Osaka, Japan. Minister Jam Kamal Khan emphasized the potential of the reformed EDF to channel funds into activities that meet the specific needs of exporters. This includes enhancing value addition, research and development, compliance with global standards, upgrading export infrastructure, and promoting Pakistan's branding on the international stage.

Recent reforms within the EDF have been significant. These include the notification of the EDF as an autonomous body, amendments to the EDF Act for direct transfer of the Export Development Surcharge to the EDF Public Account, and the digitalization of the revenue collection system in collaboration with the State Bank of Pakistan (SBP) and Pakistan Single Window (PSW). Furthermore, a detailed initiative has been launched with the FCDO Remit Project to develop a clear vision, mission, and future strategy for the EDF.

To ensure effective and transparent utilization of the fund, a Chartered Accountancy Firm has been engaged to restructure the EDF organization. This move aims to enhance the efficiency and impact assessment of the fund's allocation. The Chairman of the EDF Board has also directed the formation of various committees from among the Board members to oversee research and development, training, technology enhancement, and international outreach.

In the upcoming meetings, the EDF Board plans to discuss the proposed EDF-PSW Memorandum of Understanding (MoU). This MoU aims to establish a two-way communication channel between the EDF and exporters, facilitating need analysis, impact assessment, and market intelligence.

The approved projects encompass a range of marketing interventions, including international exhibitions such as Texpo 2025, IDEAS by DEPO, and the Gems & Jewelry Show by FPCCI. These events are not only platforms for Pakistani exporters to showcase their products but also serve as branding opportunities for Pakistan on a global scale. The funding will also support international buyers through hospitality arrangements and B2B meetings, ensuring effective matchmaking.

Additionally, the EDF Board has approved funding for research and development projects, including the establishment of International Technology Promotion Offices and a Disease Diagnostic Research Centre for Mango at Sindh Agriculture University. Other projects include a Design Centre at the Pakistan Institute of Fashion Design and a Solar Tunnel Dryer for Exportable Dried Chilies in Umer Kot, Mirpur Khas, and Badin. The Board has also allocated funds for the completion of the first Expo Centre in Peshawar, which will provide a venue for international exhibitions, benefiting entrepreneurs from Khyber Pakhtunkhwa.

This meeting marked the first gathering of the newly constituted Board, which includes representatives from various ministries and 15 members from the private sector. The diverse representation ensures that the EDF can address the needs of different regions and sectors effectively.

The EDF's recent approvals and reforms signify a proactive approach to enhancing Pakistan's export potential. By investing in key sectors and facilitating international outreach, the government aims to create a robust export environment that not only boosts the economy but also positions Pakistan favorably in the global market. As the EDF Board prepares for future meetings, the focus will remain on channeling resources into productive interventions that can lead to sustainable export growth across the nation.