Business Recorder
EDF board reconstituted

EDF board reconstituted


ISLAMABAD: Commerce Minister Engineer Khurram Dastgir has reconstituted Export Development Fundís (EDF) Board, giving major representation to public sector over private sector which contributes to the EDF funds by paying Export Development Surcharge (EDS) at 0.25 per cent of exports.

The newly-appointed 18-member reconstituted EDF board was scheduled to meet on Wednesday with Commerce Minister in the chair but the meeting was ostensibly cancelled due to the scheduled announcement of Supreme Court verdict on the Panama case.

The names of those who are now on the board are as follows: (i) Minister for Commerce(Chairman);(ii) Secretary Commerce( Vice Chairman I) ;(iii) Chief Executive, TDAP( Vice Chairman II) ;(iv) Secretary Finance (Member) ;(v) Secretary Industries and Production(Member) ;(vi) Deputy Governor, State Bank of Pakistan (Member);(vii) President, Federation of Pakistan Chamber of Commerce and Industry (Member);(viii) Secretary, TDAP(Member) and ;(ix) Joint Secretary, dealing with the subject, Ministry of Commerce( Secretary of the Board);(x) Pervaiz Malik, MNA( Member);(xi) Chairman, Pakistan Sports Goods Manufacturers& Exporters Association (Member);(xii) Chairman, Pakistan Cotton Ginners Association(Member);(xiii) Chairman Carpet Manufacturers & Exporters Association (Member) ;(xiv) Secretary Ministry of Textile Industry (Additional Member) ;(xv) Secretary, National Food Security& Research (Additional Member);(xvi) President Quetta Chamber of Commerce & Industry; (xvii) President Sarhad Chamber of Commerce and Industry (Additional ) Member;(xviii) Chairman Pakistan Software Association Houses Association for IT & ITes (Additional Member) and ;(xix) Chairman Pakistan Textile Exporters Association.

Central Chairman Pakistan Readymade Garments Manufacturers & Association (PRGMEA) has criticised Commerce Ministryís decision to have minority members from the private sector and giving preference to the government.

According to him, 11 members are from the government side whereas 7 members belong to private sector which implies that private sector is now dependent on the government members whose contribution to exports and EDS is zero.

ďItís our money. This is an extraordinary discrimination against the major stakeholders. Representation from private and public sector should at best favour the private sector and at worst have equal representation,Ē he added.

In reply to a question he said that the value added sector which is the major contributor to EDS has been ignored which is garments sector while undeserving Associations have been made members of the EDF Board.

He opposed allocation of funds for the SAARC Chamber of Commerce and Industry, adding that itís not Pakistan specific but for the entire region and should be funded equally by the SAARC members.

All EDF funds should be released for those projects which are still incomplete, he added.

The board has been reconstituted without taking the existing Board members on board, he claimed.

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