Inside Financial Markets
Pak Navy wants collaboration with local industry for indigenous production of its systems, equipment - Inside Financial Markets

Pak Navy wants collaboration with local industry for indigenous production of its systems, equipment

– Associated Press of Pakistan

A delegation of Pakistan Navy visited Islamabad Chamber of Commerce and Industry and held a meeting with Sardar Yasir Ilyas Khan President to discuss the collaboration with local industries for designing, development, construction, training and tests/trials of various equipment used/fitted on board.

Capt. Asif Maqsood Director Technical Development, Cdr. Tasneem Ahmad Director Indigenous Technical Development and Lt. Cdr Amir Bin Hamid Staff Officer Indigenous Technical Development were in the delegation.

Capt. Asif Maqsood said that Pakistan Navy was importing many parts and equipment to meet its needs of manufacturing frigates and other defence related systems.

However, he said that the Pakistan Navy wanted complete indigenous production of frigates and its other systems that would also be beneficial for the local industry.

He said that the local firms with good capability and expertise in electrical and mechanical fields have the potential to collaborate with Pakistan Navy to meet its defence needs and achieve better growth.

He said that some private firms were already doing good business with the Pakistan Navy and they wanted that more firms should come forward to play a role for further strengthening the defence systems of naval forces.

Addressing the delegation, Sardar Yasir Ilyas Khan, President ICCI said that the private sector has great potential to enter into business partnership with defence sector and more collaboration was needed to harness its actual potential for strengthening the defence systems of the country.

He said that public private partnership between local industry and Pakistan Navy would be mutually beneficial for both sides as it would promote the local industry and save a lot of precious forex reserves of the country.

He said that a long term contract of defence sector with local industry for indigenous production would build the confidence of the private sector and it would invest more in its machinery and plants to improve manufacturing capability in order to produce world class defence equipment and products.

Yasir Ilyas Khan assured that ICCI would play a role as a bridge between Pakistan Navy and local industry for building long-term business relations between them that would ultimately benefit our economy.

Both sides exchanged ideas on the potential areas of collaboration between Pakistan Navy and private sector and ICCI assured to identify the local industries that have the potential and capability to build sustainable relationships with PN for indigenous production of its required equipment and system.

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)