HMC shows interest in JVs, partnerships with private sector

ISLAMABAD   –  Heavy Mechanical Complex (HMC) has shown interest in joint ventures and partnerships with the private sector to harness the potential of local industry for indigenous production of products.

Engr Zaheer Shah, Managing Director, Heavy Mechanical Complex (HMC), along with his team visited Islamabad Chamber of Commerce and Industry (ICCI) and exchanged views with Sardar Yasir Ilyas Khan, president ICCI, to enhance collaboration with the private sector. Abdul Rehman Khan, Vice President ICCI, was also present at the occasion.

Engr Zaheer Shah said that HMC was manufacturing many high value products including sugar and cement plants, oil gas processing plants, hydropower plants, turbines, high pressure boilers, cranes, overhead pedestrian bridges, steel structures and railways equipment and it was ready for JVs and partnerships with the private sector to harness the potential of local industry for indigenous production of products. He said that ICCI should collaborate in connecting the local industries with HMC, which have the potential and capability to join hands with it in production activities. He said that HMC was also working to manufacture heavy duty trucks for the defence sector and would also explore the possibility of manufacturing commercial vehicles at a later stage.

The MD, HMC said that many products of HMC could find a good market in African and other countries and said that ICCI should cooperate in exporting its products to potential export markets. He said that Pakistan’s economic future was linked with industrialization for which consistent policies were needed. He invited the ICCI delegation to visit HMC and see its facilities for exploring JVs and partnerships for the private sector.

Speaking at the occasion, Sardar Yasir Ilyas Khan, president Islamabad Chamber of Commerce Industry, appreciated the contribution of HMC towards industrial development by manufacturing industrial plants and equipment. He said that Pakistan’s industrial sector has great potential to grow, but this potential still remained untapped and unexplored. He stressed that the government should focus on conducive policies and development of modern infrastructure to boost industrialization. He said that high energy cost in Pakistan was a barrier for industrialization investment and urged that the government should focus on cheap energy production so that industry could flourish in the country. He said that China and many other countries announced attractive relief packages for their industries to combat the impact of Covid-19 and stressed that the Government of Pakistan should consider deferring taxes and loans of industries and businesses till the issue of Covid-19 was resolved that would help them to survive and revive industrial and business activities.

Sardar Yasir Ilyas Khan said that HMC should share the list of exportable products and equipment so that ICCI could play a role in enhancing their exports. He shared the idea of organizing an industrial expo in Islamabad and invited HMC to participate in it. He assured that a delegation of ICCI would try to visit HMC to explore the opportunities of JVs and partnerships with it. Both sides discussed many options for promoting mutual collaboration with a focus on indigenous development that would play a vital role in self-reliance and economic prosperity of the country.

Article source: https://nation.com.pk/27-Nov-2020/hmc-shows-interest-in-jvs-partnerships-with-private-sector