ISLAMABAD (November 19 2005): The government has revamped the scheme for freight subsidy, being launched from January next year, by removing several major items like textile, rice, meat and chicken, official sources have informed.
The decision was taken at a meeting of Board of Administrators of Export Development Fund (EDF) under the chairmanship of Commerce Minister Humayun Akhtar Khan here on Friday.
“We have also decided to give 80 percent freight subsidy on first-come-first-served basis and remaining 20 percent to those exporters who may not be able to approach timely,” sources said.
The new scheme would encourage those exporters who would discover new markets for new products as the existing exporters are now financially stable, they added.
Sources said that the limit for freight subsidy scheme has been increased from $10 million to $25 million for new markets, and $5 million has been fixed as maximum limit for companies.
Senator Nighat Agha said that chicken had been removed from the freight subsidy scheme on her recommendations, as there were chances of substantial increase in its prices, which were already not rational.
The meeting was attended by Secretaries of Ministries of Commerce and Ministry of Textile Industry, Chairman and Vice Chairman, Export Promotion Bureau and Acting President, Federation of Pakistan Chambers of Commerce & Industry.
The board also approved retail sale outlets abroad wherein EPB will share cost of rent. Details will be given by EPB through public notice.
