Pakistan seeks Japanese investment in auto sector

ISLAMABAD: Finance Minister Senator Ishaq Dar on Saturday urged the Japanese companies to enhance their investment in the sector, while appreciating the Japanese investment in the local auto industry.

He was talking to Japan External Trade Organization (JETRO) President Yasushi Akahoshi who along with JETRO officials and Japanese Ambassador to Pakistan Takashi Kurai called on him.

Among others, the meeting was attended by the Board of Investment (BoI) Chairman Miftah Ismail.

The minister informed the delegation that the investment climate in Pakistan had improved due to significant improvement in law and order situation.

Pakistan, he said, abolished visa fees for Japanese businessmen and urged the Japanese government to remove its travel advisory for the country to facilitate bilateral business.

He said the government would facilitate setting up of a special economic zone for Japanese companies in Pakistan and urged JETRO to work with the BoI to further explore that mutually beneficial opportunity.

The minister apprised the delegation of the economic reform process undertaken by the government, which he said is bearing fruits in the shape of revived interest of foreign investors in Pakistan and recognition from the international business community.

The minister appreciated the contribution of JETRO for bringing Japanese investment in Pakistan.

Pakistan, he added, is having old and established business and political relations with Japan.

On the occasion, the JETRO President appreciated the government’s efforts on economic growth and development and congratulated on successful completion of the International Monetary Fund’s programme.

He said JETRO is encouraging Japanese investors and entrepreneurs to visit Pakistan for expansion of their business.

It would be holding a Japan Trade Fair in Karachi later this year, he added.  According to a JETRO survey, Japanese companies for their future expansion plans of one to two years rate Pakistan the highest among 20 countries for investment.  Both the sides agreed to work together to further increase bilateral trade and business.