ISLAMABAD: Federal Commerce Minister Khurram Dastgir has stressed that the money collected under the Export Development Fund (EDF) should be used only to support the commercially viable projects and strict checks and balances would be put in place to monitor the allocation, disbursement and utilization of the fund.
The minister said this while chairing the 65th meeting of the Board of Administrators of EDF. He said that complete auditing of the projects run under the EDF would be conducted and only those projects would be allowed to work and funded by the EDF which prove their significance in enhancing the exports.
The board constituted a technical committee which will scrutinize all the un-funded and ongoing projects under EDF and will submit their report before the next board meeting. The meeting was attended by the Commerce Secretary Shahzad Arbab, Trade Development Authority of Paksitan Chief Executive Officer S.M. Muneer, TDAP Secretary Rabia Javeri, representatives of Finance Ministry and State Bank of Pakistan.
EDF Board of Administrators also approved the five projects related to promotion of exports. The projects included Vapour Heat Treatment Plant, Karachi. This plant, apart from its utility in processing fruit for exports to Europe, America, East Asia and Persian Gulf, will be specifically useful in the export of mangoes to Japan as Japan allows only that fruit to enter its market which is Vapour Heat Treated.
The establishment of this plant would be a great leap forward to capture the markets, which demand high quality products and require exporters to meet certain standards. Other approved projects were project for ready-made garments, Life Style Pakistan Exhibition to be held at New Delhi in 2014 and Expo Pakistan 2014. Another project was approved to launch a worldwide awareness campaign through media (documentary film) to promote the carpet industry of Pakistan.
