EDB, PBC ink cooperation MoU

LAHORE: Pakistan Business Council (PBC) and Engineering Development Board (EDB) have signed a Memorandum of Understanding (MoU) to jointly work for the development of engineering goods and services sectors, a statement said on Tuesday.

Chairman EDB Almas Hyder and Chairman PBC Saquib Shirazi, signed the agreement at the Lahore Chamber of Commerce & Industry in the presence of officials from both sides and the business community representatives.

Commenting on the development, Chairman EDB said, “The global engineering sector presents a huge potential for Pakistan to expand its footprint as currently we only tap 0.04 percent of the approximately $9 trillion exports segment”.

Almas said engineering was the only sector which could race to a $5 billion export target in the next three years from its

current base of approximately $1.6 billion, taking Pakistan total exports to above $35 billion.

Chairman PBC in his remarks said, “Working relationship will concurrently boost the image of Pakistan and contribute towards improvement of the domestic market and exports by expansion of this value-added sector”.