DefExpo 2020: the defense minister calls on friendly countries to explore mutually beneficial partnerships
NEW DELHI: Minister of Defense Rajnath Singh On Monday he said that India's defense sector was exploring mutually beneficial partnerships with friendly countries to establish industries in the country and abroad.
In an important approach to the world's leading defense manufacturing industries, Singh, speaking at the round table of ambassadors at DefExpo 2020, which will be held next year, said the event will not only give countries the opportunity to exhibit their equipment and platforms, but they will also be able to explore the strength and capabilities of the Indian defense industry to meet operational objectives.
DefExpo will be an opportunity to foster partnerships and be part of a shared prosperity. These strong ties can boost investment, expand manufacturing, raise the level of technology and accelerate the economic growth of the respective countries. India's defense sector has matured and is exploring mutually beneficial partnerships with friendly nations to establish industries in the country and abroad, he said.
The Roundtable was organized to inform representatives of foreign missions based in New Delhi about the arrangements being made for DefExpo and get suggestions from them to further enhance the experience, a statement from the defense ministry said.
The 11th DefExpo will take place in Lucknow from February 5 to 8, 2020.
The defense minister said the event will show the government's intention to achieve a turnover of $ 26 billion in aerospace and defense goods and services by 2025.
He added that the event will show India's plans for industrial defense corridors in Uttar Pradesh and, where investment commitments of around $ 1 billion have already been received.
More than 100 business events and seminars are planned and more than 1,000 exhibitors are expected to participate in the DefExpo.
The minister said that due to the policy reforms undertaken by the government, defense production in the public and private sectors had reached a record volume of Rs 80,502 million in 2018-19.
He set the goal of Rs 90,000 crore for 2019-20.
We achieved an export turnover of around Rs 10.7 billion in 2018-19, with this year's goal set at Rs 15,000 million, Singh said.