The Pakistan Business Council (PBC) and the Engineering Development Board (EDB) on Tuesday signed a Memorandum of Understanding (MOU) for collaboration to develop Pakistan’s Engineering Goods and Services Sectors.
Chairman EDB Almas Hyder and Chairman PBC Saquib Shirazi, signed the MOU on behalf of their respective organizations at the Lahore Chamber of Commerce & Industry. CEO EDB, team members from both organizations, and the business community at large was also present on the occasion.
Speaking on the occasion, Almas Hyder, said that both the organizations will work together for supporting the indigenous engineering sector to tap the potential of international trade in engineering goods and services.
He said that the global engineering sector presents a huge potential for Pakistan to expand its footprint as currently we only tap 0.04% of the approx 9 trillion USD exports segment. He further remarked that this exercise will create wealth for the country and increase our per capita income.
“If we ever want to reach 10,000 USD per capita or above, then agriculture and textile alone will not take us there. Engineering is the only sector which can race to a 5 billion USD export target in the next three years from its current base of approx 1.6 Billion USD, taking Pakistan total exports to above 35 billion USD”, he added.
Almas Hyder further stated that the Engineering Development Board wants to evolve a policy framework in collaboration with the PBC, Chambers of Commerce & Associations and the MOU is an initiative in this regard.
Saquib Shirazi, Chairman PBC, remarked that this working relationship will concurrently boost the image of Pakistan and contribute towards the improvement of the domestic market and exports by the expansion of this value-added sector.
CEO EDB highlighted the objectives of establishing this general framework to facilitate cooperation between both organizations in specific sectors and complement each other’s efforts in order to promote the development of the engineering industrial sector of Pakistan and to make it the driving force of economic development.
He further briefed that the sectors for which the parties have initially agreed to work jointly include; Power & Energy, Capital Goods, Pumps & Motors, Surgical & Medical Devices, Cutlery & Kitchenware, Sanitary Fittings, Domestic Appliances, Fans(domestic & industrial), Construction and Building Materials.
The collaboration will focus on conducting sectoral and market expansion studies, identifying technology acquisition requirements for increasing productivity of the sectors and determining certification and standards requirements of the industry, along with working for capacity building and skill development of the SME sectors.