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Ministry of Commerce approves Rs. 950 million for export-related projects - Inside Financial Markets

Ministry of Commerce approves Rs. 950 million for export-related projects

– Associated Press of Pakistan

The Ministry of Commerce on Thursday approved Rs. 950 million for export related projects to provide competitiveness to the export value chain.

According tot the press release, the Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood chaired the 19th Finance Committee meeting of the Board of Administrators of Export Development Fund (EDF) here the Ministry of Commerce.

The Committee deliberated various proposals relating to export sectors of Pakistan like leather, cutlery, fisheries, textile, sports goods, garments etc. Proposals amounting to Rs. 950 Million were approved.

These related to up gradation and replacement of physical testing equipment at PTTF Laboratory Faisalabad, Testing Laboratory for Leather, Karachi Garment City Company, Hi-Scan X-Ray Inspection System at Sialkot International Airport, Building for SAARC Chamber of Commerce and Industry, and compliance to IOTC’s Resolutions for Export of Tuna.

The Committee also approved budget of Rs. 8.9 Billion for EDF for Financial Year 2021-22 based on EDS collection expected during current financial year.

As per provisions of the EDF Act Ministry of Finance is mandated to propose to the Parliament an appropriation equivalent to the receipts of the Export Development Surcharge collected during the preceding year.

The Finance Committee of the EDF Board members comprises Secretary Commerce, Chief Executive Trade Development Authority of Pakistan (TDAP), Secretary TDAP, Presidents of Federal, Sialkot and Khyber Chamber of Commerce and Industry, representatives of Pakistan Business Council and major associations of textile, surgical, fruits and vegetable, software, fisheries and poultry sectors among others.

Syed Zaki Hussain

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