SIALKOT

Sialkot Chamber of Commerce and Industry President Dr Sarfraz Bashir expressed reservations over the spending of billions of rupees collected under Export Development Fund every year.

Talking to reporters on Wednesday, he was of the view that the amount was being used for several development projects in the country whereas it should be utilised only for development of export sector.

He added that Sialkot had performed tremendously and supported the national economy by earning momentous amount of 1.5 billion USD annually in spite of present critical law and order situation and severe energy crisis.

He expressed deep concern that Sialkot being a major contributor to the EDF is not given the due share.

He also urged the government to devise a mechanism for distribution of EDF and prioritise cities on the basis of percentage of contribution in the shape of export development surcharge.

He appreciated the initiatives being taken by the present government to promote trade on emergency basis and also suggested the government on a 70:30 formula where the 70 percent amount of EDF fund contributed by the respective cities should be used for their own development and 30 percent could be utilised for various other projects to be approved by the EDF Board.