LAHORE: The Engineering Development Board (EDB) and Pakistan Business Council on Tuesday signed a memorandum of understanding (MOU) to collaborate for development of engineering goods and services sectors.

EDB Chairman Almas Hyder and PBC Chairman Saquib Shirazi signed the MoU on behalf of their organisations at the Lahore Chamber of Commerce and Industry (LCCI).

“We, both, will work together tosupport the indigenous engineering sector to tap the potential of international trade in engineering goods and services,” said Hyder, who also headed the LCCI as president a few years before.

He said the global engineering sector presented a huge potential for Pakistan to expand its footprint as currently we only tapped 0.04% of the approx 9 trillion USD exports segment. He further remarked that this exercise would increase the country’s per capita income.

“If we want to reach 10,000 USD per capita or above, 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.

Speaking on the occasion, Saquib Shirazi said the working relationship would boost the image of Pakistan and contribute towards improvement of the domestic market and exports by expansion of this value-added sector.

Published in Dawn, January 13th, 2021