HIT Helped Save Forex Worth Rs 969 Million During 2015-16

ISLAMABADA, (UrduPoint / Pakistan Point News - 03rd Nov, 2016 ) : Heavy Industry Taxila (HIT) during the last financial year have helped country to save foreign exchange of Rs 969 million by manufacturing machinary and equipment matching with the international standards.

The HIT, during the same period, in addition to saving foreign exchange had generated business activity of Rs 968 millions, stated the Chairman Heavy Industries Taxila on Thursday while briefing Minister for Defence Production Rana Tanveer Hussain regarding performance and achievements of HIT in the fiscal year 2015-16.

The meeting was held in the Ministry of Defence Production, Rawalpindi. Secretary Defence production and other high officials of the Ministry attended the meeting. The minister was briefed on the complete facilities and products made by HIT for Armed Forces and law enforcing agencies of the counry.

The minister was apprised about various projects being undertaken by HIT including Al-Khalid-I tank, manufacturing of Under carriages Al-Khalid for AVLB, rebuild and up-gradation of T-85-IIAP tanks, pilot rebuild of T- 80UD tanks and rebuild of Armed Personnel Carriers (APCs).

He was also given brief about the ongoing Research and Development projects, including Al-Khalid-II tank and up-gradation of Al-Zarrar tank. The minister appreciated the indigenous efforts of HIT in production of safety and security equipment for armed forces and law enforcing agencies.

During the presentation Minister asked about the export targets fixed by HIT. On which the Chairman HIT replied that the HIT is doing its utmost to enhance the scope and grab its share in international market.

The minister emphasized that defence production sector has a lot of potential. Pakistan Defence Production has come a long way as far as meeting the requirements of the armed forces is concerned, he added. This flourishing local industry is not only saving billions of ruppes in shape of foreign exchange but generating a lot of business activity in the country.