Over 200 partnerships involving MoU, ToT, & Product launches concluded at DefExpo : Naik

Speed Post News Network

New Delhi : The 11th edition of Defexpo was organised from February 5 to 9, 2020 at Sector-15, Vrindavan Yojna, Lucknow, Uttar Pradesh. The theme of the event was “Digital Transformation of Defence”. Altogether 856 Domestic and 172 Foreign companies/exhibitors respectively participated at Defexpo 2020.

Over 200 partnerships involving Signing of Memorandum of Understanding (MoUs), Transfer of Technology (ToT), and Product launches were concluded during DefExpo 2020.  They include 14 MoUs signed at the 5th India-Russia Military Industrial Conference between Russian defence companies and Indian companies under the framework of Inter Government Agreement (IGA) between the two countries.

The signing of MoUs/ToTs are a step in the direction to achieve the target of Rs 35,000 crore defence exports target in next  5 years.  Government of UP signed 23 MoUs and anticipates an investment of Rs 50,000 crore in the UP Defence Corridor.

The advantages of organising such events are : Defence Exhibitions provide an opportunity for the domestic manufacturing industry to showcase their range of products and services to the prospective foreign companies and try to become a part of their global supply chain; Aligned with the ‘Make in India’ vision, 292 Indian MSMEs participated at subsidised  rates; Through the India Pavilion, Innovative technologies by Indian Start-ups were showcased to the world thus giving a fillip to the Indian Defence start-up manufacturing eco-system; Youth of Uttar Pradesh were exposed to newer avenues in the field of Defence Manufacturing; the exhibition generated a revenue of over Rs 90 crore and Lucknow received business for Hotels, Food and vehicles renting; and Foreign Investment in India will ensue due to the 200 partnerships reached during the event, according to a PIB release.

This information was given by Minister of State for Defence Shripad Naik in a written reply to Sanjay Seth in Rajya Sabha on March 16, 2020.