ISLAMABAD - 67th meeting of the Board of Directors of Export Development Fund (EDF) was held under the chairmanship of Federal Minister for Commerce, Engr. Khurram Dastgir Khan and took decisions on several issues pertaining to export promotion.

The Board constituted a sub-committee on finance, which will conduct appraisal of the proposed projects for export promotion and judicious disbursement of the budget of the Export Development Funds. The Committee will be headed by the Secretary Commerce and it will critically examine all the proposals for financial assistance from EDF and put its findings before the Board for final approval.

The Board also approved the appointment of an auditing firm for third party audit of the projects run under the EDF to bring transparency and efficiency in the EDF funded projects. The Minister for Commerce said that the Board and the Ministry of Commerce are making efforts to devise an effective mechanism for the approval of projects and disbursement of funds under the EDF for maximum export enhancement.

The Board also authorised TDAP to hold an AaliShan Pakistan Exhibition in London in June to promote Pakistani brands in the UK to the Pakistani diaspora and the Western buyers. The Exhibition will include trade and fashion shows showcasing Pakistani products and brands of textile, rice, pharmaceutical, fruits and vegetables, building material etc. The Board was informed that UK is the 5th largest export destination of Pakistan and there is a huge Pakistani diaspora settled in UK.

 A quarter of all of Pakistan’s exports to European Union are made to England and the balance of trade is in favour of Pakistan which makes it a lucrative export destination of Pakistani products.

The Board decided to pay salaries to the employees of Pakistan Horticulture Development Company and directed that the company should generate its own revenue to sustain its operations.

Ministry of National Food Security and Research put forth two projects for enhancement of exports of fruits and vegetables which were forwarded to the Committee on Finance for thorough scrutiny. The projects included establishment of 4 pack houses for packing of fruits and vegetables which has a huge export market but because of out-dated packing techniques Pakistani fruits and vegetables couldn’t find desired place in the international market. The second project related to the registration of citrus farms which followed best practices and were found free of any harmful pest.

The Board also decided to strengthen the EDF Secretariat with adequate human resource for better coordination and oversight of the projects run under the Fund.