ISLAMABAD: To bring the exports at par with international standards the Ministry of Commerce has approved Rs 950 million to ensure that the best quality products are exported in the international market.
The Advisor 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) on March 18 at 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 the upgradation 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 & Industry, and compliance to IOTC’s Resolutions for Export of Tuna.
The committee also approved a budget of Rs 8.9 billion for EDF for the fiscal year 2021-22 based on EDS collection expected during the current financial year. As per provisions of the EDF Act, the 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.
