Pakistan can boost its export revenue by $5 billion in the coming years as the global engineering sector presents a huge opportunity for the country, said Engineering Development Board (EDB) Chairman Almas Hyder.

He made the remarks at a ceremony held for signing a memorandum of understanding (MoU) between the Pakistan Business Council (PBC) and the EDB on Tuesday. The MoU is aimed at developing Pakistan’s engineering goods and services sector.

“Currently, Pakistan only taps 0.04% of the approximately $9 trillion global engineering goods’ export segment,” he said.

Hyder added that increase in exports of engineering goods while utilising the present opportunity could create wealth for Pakistan as well as widen its per capita income. Both organisations would work hand in hand to enhance exports of the engineering sector, he stressed.

“Engineering is the only sector which can fetch $5 billion in export revenue in the next three years from its current base of $1.6 billion,” he said. “This will take Pakistan’s total exports to over $35 billion.”

Hyder stated that the EDB wanted to develop a policy framework in collaboration with the PBC, business chambers and associations, and the MoU was an initiative in that regard.

The EDB chairman highlighted the objectives of establishing the general framework to facilitate cooperation between the two organisations in specific sectors. He added that the MoU would help promote the development of engineering sector and make it a driving force for economic development.

The sectors to be focused initially under the MoU include power and energy, capital goods, pumps and motors, surgical and medical devices, cutlery and kitchenware, sanitary fittings, domestic appliances, fans, construction and building material.

Published in The Express Tribune, January 13th, 2021.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.