ISLAMABAD ( WNAM REPORT): Export Development Fund (EDF) Board met to discuss the report prepared by FCDO funded Remit Project to position EDF as a catalyst for transforming Pakistan into a globally competitive export economy.
The meeting was Chaired by Minister for Commerce, Mr. Jam Kamal Khan who had earlier recommended to get input of wider audience through a third party on the strategy developed by the EDF management.
The Remit team gave a detailed presentation to the Board indicating the approach followed for crafting the strategy which included study of global good practices, stakeholder consultations and analysis of issues which have curtailed EDF from becoming a game changer for Export Development.
The presentation also included the country dynamics and the issues which have kept Pakistan confined to few products and markets.The team presented the vision, mission and strategic objectives finalized after the consultation with stakeholders.
It was recommended that EDF will offer targeted technical and financial support to assist current and future exporters in accessing markets, fostering innovation, and promoting inclusive and sustainable growth.
To achieve the strategic objective, the study recommended that EDF has to be transformed into a professionally governed and managed organisation with lean and effective organization’s structure while forming networks and alliance for achieving the objectives.
The consultants recommended establishment of 13 financing windows targeting firm-level growth, increasing international compliance, marketing intelligence services, labour productivity, branding, market access, supply chain infrastructure, export credit/insurance etc.
It also recommended creating a challenge fund for new markets and products.
The Remit team also presented the transformation plan which included legal review of EDF Act for establishing a professional Board, internal restructuring, establishing of financing windows, framework agreements and monitoring & evaluation systems.
The Board members appreciated the effort made by the team and discussed the recommendations in detail.
The Board members discussed the pros and cons linked to corporatization of the Fund and its effect in the long term on Pakistan’s exports profile.
It was agreed that a professionally governed body is necessary to promote evidence based decision making.
As the study suggested it was decided that a legal consultant will be taken on board to review the EDF Act while a committee comprising of 4 private members from the EDF Board and 2 representing Government will present its recommendations to the EDF Board on the way forward.
It was concluded that concrete steps will be required in short time to bring EDF on sound footing for making it an effective platform for achieving national export growth objectives.
The Chairman EDF Board thanked the members of the Board and appreciated the effort of all stakeholders which have worked together to take forward the reform process which was needed.
