IDEAS fetch $36b MoUs

Pakistan has signed as many as 82 Memoranda of Understanding (MoUs) with friendly countries to export defence products and equipment including advanced drones, fighter jets, commercial and logistic ships, electronic warfare equipment and radars worth US$30 billion. The agreements were concluded during the four-day International Defence Exhibition and Seminar (IDEAS 2024) which ended at the Karachi Expo Centre on Friday.

Speaking at the closing ceremony of the 12th edition of IDEAS 2024, Ministry of Defence Production Secretary Lt Gen (Retd) Chiragh Haider said that, after the inclusion of the MoUs signed at previous editions of IDEAS, Pakistan had received potential export orders worth $36 billion.

"The country is negotiating MoUs worth about $36 billion to translate them into export orders over the years to come. They may turn into projects later which could happen in two years, or even a year.

MoUs take time to mature and turn into projects, as testing, trial, and sometimes further modification occurs."

He maintained the country has achieved defence exports worth $1.3 billion over the past three years or since the previous edition of IDEAS in 2022. "This translated into defence export close to. $450 million a year."

Defence Export Promotion Organization (DEPO) Director General Major General Asad Nawaz Khan said out of the total 82 MoUs signed in different categories, many foreign countries and companies have inked MOUs with the six public sector entities including Heavy Industries Taxila (HIT), Pakistan Ordnance Factory (POF) in Wah, Pakistan Aeronautical Complex (PAC) Kamra, The National Radio & Telecommunication Corporation (NRTC), and Global Industrial & Defence Solutions Pakistan (GIDS Pakistan).

Besides, a private firm has signed a MoU worth Rs10 billion with Switzerland. "The technology-driven defence startups, supported by the three forces of Pakistan, have won 15 MoUs to establish technology parks. That is very encouraging," he said.

"I would like to highlight the most important MoU signed at the 12th edition of IDEAS 2024 between Turkiye and POF Wah to set up a plant. There is also the NRTC signed MoU with the Middle East."

NRTC MD Muhammad Asim said they signed 11 technology, communication, and radar MoUs with Middle Eastern and African countries, "NRTC has received a letter of intent (LOI) from a friendly county for air defence radars recently. It will translate into an export contract for the Pakistan defence industry in the future."

In addition, Pakistan has had new opportunities from the African and East Asian regions for defence exports. "There are five new export destinations which opened up during IDEAS. We have translated into formal MoUs in the domain of technology, surveillance, electronic warfare and radar," he said.