TAXILA, Dec 29: South Korea has refurbished a plant of Pakistan Ordnance Factories (POF) to enhance its arms production capacity enabling Pakistan to save Rs500 million per year in expenditure.

To inaugurate the refurbished plant for manufacturing of 7.62mm small arms ammunition plant, a ceremony was held here at POF Wah on Saturday.

Lt General (Retd) Shahid Iqbal, Secretary Ministry of defense production was the chief guest on the occasion.

Mr. Jin Ryu, Chairman MS Poongsan South Korea, POF Chief Lt Gen Muhammad Ahsan Mahmood, POF Board Members, Senior diplomats of South Korea, Officers of POF and military officials attended the inauguration ceremony.

The refurbishment of arms production plant cost $7 million and was completed in 18 months.

Lt General (Retd) Shahid Iqbal, Secretary MoDP while addressing the ceremony congratulated both POF and MS Poongsan and expressed the hope that the cooperation would continue to the advantage of both side.

Mr. Jin Ryu, Chairman MS Poongsan while addressing the ceremony said that Poongsan and Pakistan Army had strong business relations for the last 40 years.

POF and Poongsan have been partners for the last five years in the field of defence production. Mr. Jin Ryu assured the POF management that they would continue to cooperate with POF in future as well. POF Chief Lt Gen Muhammad Ahsan Mehmood while speaking on this occasion said that refurbished plant was one of the oldest unit of POF and its re-commissioning was seen as a key addition to the strategic potential of the POF.

POF is vital part of Pakistan military narrative and has a sizeable potential to expand its exports potential as a manufacturer of high quality precision arms and ammunition.

He said the re-furbished plant would pay back its cost within ten years and POF. —Correspondent