The Lahore Chamber of Commerce and Industry and Defence Export Promotion Organization (DEPO) on Saturday inked a memorandum of understanding (MoU) to cooperate in defence and defence production sectors.
LCCI President Malik Tahir Javed and Brigd Waheed Mumtaz signed the document while Senior Vice President LCCI Khawaja Khawar Rashid and Vice President Zeshan Khalil were also present on the occasion. By signing the document, both organizations have entered into a pact to jointly capitalize on emerging opportunities in defence sector.
Malik Tahir Javed said that cooperation between the two organizations is aimed at increasing value addition within the country in manufacturing and long-term support for defence sector. It will also help open new vistas in both the defence and defence production sectors.
The MoU will also pave way for cooperation in Research and Development (R&D). The LCCI and DEPO will act as joint venture partners for organizing suppliers and vendors' exhibition (SAVDEX). The MoU is the way forward to meet the growing demands of the defence industry.
With the vast experience and expertise in defence sector of DEPO and Lahore Chamber, it is expected that both the organizations can address the needs of the Pakistani defence market as well as explore export markets of various products/systems of mutual interest," Brigd Waheed Mumtaz said.