Fawad Ijaz Khan, Chairman of Pakistan Leather Garments Manufacturers & Exporters Association (PLGMEA), has said that the Export Development Fund (EDF) is no more effective for boosting exports of the country because of being short of funds.
Fawad, who is also member of the EDF Board, said that several projects, approved by EDF for promotion of leather garments & leather goods industry were pending due to lack of funds. PLGMEA has requested the Ministry of Finance for release of fund to the Ministry of Commerce, but it has not released so far. The projects are aimed at improving competitiveness of the leather garments industry, he said.
He said that if these projects are not implemented then the industry will lose its competitiveness and the 'Leather Vision' for boosting the leather garments exports will not be achieved. Fawad said that EDF Board is holding its 58th Meeting on February 15, 2011 but if no funds are received from Finance Ministry then holding the meeting and approving further projects is useless. He urged the Finance Minister to look into this matter and provide the necessary export promotion funds to the Ministry of Commerce so that Trade Development Authority of Pakistan (TDAP) can disburse these funds on the approved projects.-PR