Latest news with #ExportDevelopmentFund
Express Tribune
20-05-2025
- Business
- Express Tribune
Centre of Excellence for Citrus begins work
A Centre of Excellence for Citrus was inaugurated at the University of Sargodha on Tuesday. The centre has been built at a cost of Rs 200 million from the Export Development Fund of the federal government. Former chairman of Public Accounts Committee Nadeem Afzal Chan and former minister of state Tasneem Ahmed Qureshi inaugurated the centre. According to officials, the aim of the centre is to enhance kinnow production, detect new varieties of plants and combat diseases. The Sargodha Chamber of Commerce and Industry (SCCI) had demanded Rs200 million from the Export Development Fund to establish the centre. According to a statement, it is hoped that the facility will promote links between the academia and industry.
Express Tribune
21-02-2025
- Business
- Express Tribune
PM wants strategy to achieve $60 billion export target
Prime Minister Shehbaz Sharif on Thursday chaired a meeting to review measures for increasing exports of the country. He directed formulation of a comprehensive and effective strategy to take the exports to $60 billion in the next five years. He instructed his economic team to introduce sustainable reforms for the system of tariff to achieve economic progress and enhance exports. He said the tariffs should be brought down and the system should be made easy and simple. The prime minister said a strategy should be adopted to increase the production capacity of the industries by bringing reforms in the tariff structure. He stressed that special attention should be paid to the sectors of services, information technology and agriculture. He said economic progress based on exports was an important element of "Uraan Pakistan" vision, adding necessary reforms should be introduced in the governance of Export Development Fund for development of export industries. During the meeting, the prime minister was briefed about the steps taken to reform the Ministry of Commerce and increase the export target to $ 60 billion in the next five year. It was informed that the tariff was gradually decreased in the last two years. The Ministry of Commerce was hosting international level exhibitions every year in Pakistan to expand exports. The meeting was told that consultation was continuing with all stakeholders on the Strategic Trade Policy Framework 2025-30. The consultation on the Ecommerce policy was in the final stage of completion and would be presented for the approval of the cabinet next month. A National Compliance Center was ready to harmonize Pakistani products with the international standard. The center would create programmes for increasing capacity of the export industries in Pakistan and hold trainings. Minister for Commerce Jam Kamal Khan, Minister for Economic Affairs Ahad Khan Cheema, Minister for Finance Muhammad Aurangzeb, Chairman Federal Board of Revenue Arshad Mehmood Langrial and high level officers of the relevant departments attended the briefing. Health, pharmaceutical sectors Prime Minister Shehbaz Sharif Thursday chaired a meeting to review reforms in the health and pharmaceutical sectors. He directed that a drug testing laboratory of good standard should be established in Islamabad to ensure quality of medicines according to international level. He instructed that mobile hospitals should be launched to provide health facilities in the outskirts of Islamabad, Gilgit Baltistan, Kashmir and Balochistan. He ordered an operation in collaboration and consultation with the provincial governments against counterfeit drugs. Fraudsters could not be allowed to play with the lives of the people, he asserted. He said a comprehensive plan should be made for better regulation and development of the pharmaceutical sector in cooperation with the provincial governments. He said the officers of Drug Regulatory Authority of Pakistan (DRAP) involved in the facilitation of fraud in the pharmaceutical sector should be identified and action against them should be ensured. The prime minister said research in the medicine field should be undertaken for increase of exports of the pharmaceutical sector. Implementation of reforms in Drug Regulatory Authority should be speeded up, he continued. He said experienced experts of good reputation should be appointed on merit in the policy board of DRAP, adding steps should be taken on priority basis for making the Drug Pricing Committee effective and strong. Federal ministers Nazir Tarar, Ahad Khan Cheema, Prime Minister's Coordinator for Health Dr Mukhtar Ahmed Bharath and high level officers attended the meeting. The prime minister was informed about the progress in reforms of the health and pharmaceutical sectors. The meeting was told that the method of registration of locally manufactured drugs in a digital system was in final phases of its completion. It was told that consultation was continuing on the National Drugs Policy and would be soon presented for approval. A review was given on the posting of 94 new drug inspectors for inspecting drugs and about the performance of the present 25 drug inspectors. The prime minister stressed that transparency should be ensured in the process of appointment of new drug inspectors. The meeting was further told that the present export volume of medicines of Pakistan was $ 500 million and Ministry of Health was taking steps to enhance exports by carrying reforms including provision of research facilities. Establishment of Export Directorate in DRAP was in the final stages with the aim to expand exports of the pharmaceutical sector in the country. The Health Ministry also gave a briefing on measures to enhance the capacity of the surgical sector to further boost its exports and bring it to the international standard.
Egypt Today
16-02-2025
- Business
- Egypt Today
Ministry of Finance Introduces New Plan to Settle LE 60 Billion in Exporter Dues
CAIRO – 16 February 2025: The Ministry of Finance has introduced a new framework for clearing overdue payments to exporting companies through the Export Development Fund. This initiative, detailed in an infographic released on Sunday, covers outstanding dues for shipments made up to June 30, 2024, with a total settlement value of approximately LE 60 billion. Under this plan, LE 30 billion will be disbursed over four consecutive fiscal years, from 2024–2025 to 2027–2028. Payments will be issued twice a year, in May and November. Additionally, LE 25 billion has been set aside to settle outstanding debts owed to the Tax and Customs Authorities. A portion of this amount will be used to clear old liabilities, while the rest will be credited to exporting companies. Moreover, LE 5 billion has been allocated for settling debts owed to gas and electricity providers. Similar to the tax and customs settlements, this allocation will be used to pay off past debts, with the remaining funds serving as credit for exporters.
Express Tribune
15-02-2025
- Business
- Express Tribune
Visa issues for UAE fair resolved
Listen to article LAHORE: Visa issues hindering traders' participation in the United Arab Emirates (UAE) exhibition have been resolved due to proactive measures by the Trade Development Authority of Pakistan (TDAP), according to a press statement released on Friday. Faiz Ahmed, Chief Executive of TDAP, shared the update while speaking at a meeting at the Lahore Chamber of Commerce and Industry (LCCI). LCCI President Mian Abuzar Shad, Vice President Shahid Nazir Chaudhry, and DG TDAP Rafia Syed were also present at the event, alongside LCCI Executive Committee members Ahsan Shahid, Syed Salman Ali, Karamat Ali Awan, Shouban Akhter, Waqas Aslam, Irfan Qureshi, and Asif Malik. Ahmed informed attendees that TDAP had successfully organised trade exhibitions in Saudi Arabia and is planning another one in Ethiopia soon. He urged LCCI members to actively engage in these trade initiatives. To strengthen trade diplomacy, Ahmed announced that Pakistani commercial counsellors and consuls generals abroad have been re-designated as Trade and Investment Officers, with their performance now under quarterly review. Inefficient officers may face recalls if necessary. Highlighting the need for value addition in exports, the TDAP chief pointed out that despite being one of the world's top ten producers of mangoes and guavas, Pakistan has not fully leveraged its potential due to limited processing facilities. He noted that the country only has two mango pulp processing plants. He stressed the importance of diversifying into non-traditional export sectors. To this end, TDAP has allocated 10% of the Export Development Fund for small and medium-sized enterprises (SMEs) and another 10% specifically for women entrepreneurs. Citing examples of successful global brands emerging from the SME sector, he encouraged Pakistan to adopt a similar approach. The TDAP official also highlighted that stable and predictable trade policies are key to long-term business growth. Rising industrial production costs remain a significant barrier to increasing exports, and he called for measures to lower these expenses. He also praised Pakistan's vast untapped mineral and metal resources, which, if fully utilised, could bring in billions in foreign exchange. He assured LCCI members that TDAP is working to restore the zero-rating facility on local yarn in the upcoming budget to support textile exports. LCCI President Mian Abuzar Shad highlighted the importance of strong marketing strategies to drive export growth. He urged the government to shift focus from raw material exports to value-added products. He explained that the export of raw materials is causing billions of dollars in losses to the national economy. For example, Pakistan exports salt to India at extremely low rates, which India processes and re-exports for significant profits. Similarly, gypsum is exported to India at just $17 per tonne, while its freight cost is $15 per tonne. He recommended either banning gypsum exports or setting a minimum price of $50 per tonne to ensure fair profitability. Shad also explained that exporting various Pakistani products in raw form is costing the country billions. He urged the nation to shift its focus towards value-added products. The LCCI president also mentioned the significant potential of the automobile sector, noting that locally manufactured vehicles could drastically reduce Pakistan's import bill and boost foreign exchange earnings. In the call for policy continuity, Shad pointed out that rising business costs, expensive energy, and the lack of long-term policies have been major hurdles to export growth. He noted that 68% of Pakistan's exports come from just three sectorstextiles, leather, and ricewhile sectors like Halal food, pharmaceuticals, IT, engineering, surgical instruments, and sports goods hold untapped potential. LCCI Vice President Shahid Nazir Chaudhry observed that Pakistan's trade share remains minimal in major global markets. He urged TDAP to help Pakistani exhibitors participate in key trade fairs scheduled for 2025 and 2026. Finally, Shad raised concerns about delays in visa issuance for Pakistani exporters. He mentioned that more than 20 LCCI-affiliated companies had booked stalls for an exhibition in Dubai but faced difficulties obtaining visas. He urged TDAP to work closely with embassies and trade missions to ensure smoother participation for Pakistani businesses in international trade events.
Express Tribune
13-02-2025
- Health
- Express Tribune
SAU secures Rs100m funding to improve mango exports
TANDOJAM: The Sindh Agriculture University (SAU) has secured funding of over Rs100 million from the Export Development Fund (EDF) to establish a Mango Disease Diagnostic and Research Centre, a Clean Mango Nursery, and a Mango Drying Unit. These initiatives aim to enhance the country's mango exports through value addition and improved quality standards. The funding was awarded to three faculty members of SAU under EDF-backed projects. Dr. Muhammad Ibrahim Khaskheli from the Department of Plant Pathology received funding for the Disease Diagnostic and Research Centre. Dr Aasia Akbar Panhwar from the Institute of Food Sciences and Technology secured funds for the Mango Drying Unit, while Dr Noor-un-Nisa Memon from the Department of Horticulture obtained funding for the Clean Mango Nursery. In this connection, SAU organised an awareness seminar titled "Role of Export Development Fund (EDF) and SAU Collaborative Projects" at the University Senate Hall. Speaking at the event, Vice Chancellor Dr Altaf Ali Siyal highlighted the investment potential in agricultural sector. He proposed collaboration between academia, industry, and funding institutions to enhance agricultural exports and value-added products. "With EDF's support, SAU is introducing innovative solutions for mango quality improvement, disease control, and value addition. These initiatives will not only strengthen Pakistan's position in global markets but also create new economic opportunities for farmers and agro-businesses," Dr Siyal added. EDF Deputy Director Abdul Qayoom highlighted the limited allocation of EDF funds to agriculture, saying that only 2% of the total funds have been directed towards the sector. He added that EDF has established 27 centres nationwide to train skilled professionals, equipping the industry with specialised manpower. Citing an example of untapped export potential, he said that China imports chili worth $7 billion annually. However, despite Sindh being home to Asia's largest chili market, Pakistan has been unable to export chili to China due to excessive Aflatoxin contamination.
