The Ministry of Commerce (MoC) is reportedly exercising caution regarding extending subsidies for IDEAS-2024, orchestrated by the Ministry of Defence Production (MoDP). The hesitation stems from the proposal advocating a 100% subsidy allocation for local manufacturers’ space and product displays.
This proposal doesn’t align with the MoC’s budgetary allocations, as revealed by well-informed sources speaking to Business Recorder.
As per the provisions of the Export Development Fund (EDF) Act, the Commerce Ministry’s Board possesses full authority to allocate expenditure based on project feasibility and export promotion needs. Despite the EDF Board approving funds for IDEAS in 2016, the release was stalled due to the MoDP’s failure to submit a necessary undertaking.
In August 2023, the MoDP requested financial support from the EDF for IDEAS-2024, yet incomplete documentation hindered progress. Consequently, the proposal hasn’t reached the EDF Board for consideration.
The Ministry of Finance has endorsed the proposals within IDEAS-2024 with the condition that expenditures be covered by existing budgetary allocations without necessitating additional funds.
IDEAS-2024, slated for November 19-22, is set to unfold at the Expo Centre, Karachi, under the MoDP’s auspices. Recognized globally as a premier defense exhibition, IDEAS has steadily gained momentum over the years, attracting participants from around the world.
Security arrangements for IDEAS-2024, overseen by HQ 5 Corps Karachi, will integrate efforts from the military, Rangers, and law enforcement agencies. The MoDP emphasizes duty and tax exemptions for imported equipment and machinery, aiming to streamline demonstration purposes.
To incentivize local participation, the MoDP urges the MoC to allocate 100% of the demanded subsidy. The Prime Minister, having reviewed the MoDP’s proposal, has greenlit IDEAS-2024, emphasizing cooperation among ministries and agencies for its successful execution.
The Prime Minister has directed the MoDP to pursue a separate case with the EDF of the Commerce Division regarding subsidies for local enterprises’ allocated space.
 is reportedly exercising caution regarding extending subsidies for IDEAS-2024, orchestrated by the Ministry of Defence Production (MoDP). The hesitation stems from the proposal advocating a 100% subsidy allocation for local manufacturers' space and product displays.){kind=link}