Pakistan seeks Japanese investment in energy, auto

ISLAMABAD: Government on Monday invited investments from Japan in energy, auto and other sectors of Pakistan to benefit from attractive incentives offered by the country.

Chairman Board of Investment (BOI) Naeem Zamindar, in a meeting with Japanese investors in Tokyo, identified energy, solar panels, electronics, automobile, textile, chemicals and plastics sectors with investment potential.

“Through facilitation and incentive measures including one window operation and special economic zones Japanese companies will find Pakistan a hospitable investment destination,” Zamindar said in a statement.

Chairman BOI was addressing a special meeting of the Keidanren on emerging business and investment opportunities in Pakistan. Keidanren is the premier institution representing business and industry in Japan.

Zamindar, who is also minister of state, said Pakistan’s location on the cusp of important economic regions, young population and skilled labour force supported by very rapidly growing technology infrastructure made the country a very attractive destination for investment for domestic market.

“With improved security and a sustained economic turnaround Pakistan is open for business,” he said. “Japan with its historical business and economic linkages and the high regard that it enjoys in Pakistan is best placed to avail the emerging potential and opportunities.”

The board’s chief said the country would welcome Japan’s investment and BOI would offer all the facilities. “The government is committed to making Pakistan a business friendly country,” he added. “Foreign investment in Pakistan is protected by rigorous laws and FDI (foreign direct investment) regulations allow full repatriation of capital and profits in almost all cases.”

Pakistan is rich in agricultural and mineral raw materials, supported by fast penetration of access to technology. Number of mobile phone holders increased 100 times between 2003 and 2008 and number of bank account holders is expected to increase eight times to 80 percent of eligible population in three years.

Ambassador of Pakistan Asad Khan said there is a renewed interest to further deepen bilateral engagement duly captured by the convening of a number of dialogue processes and the visit of Foreign Minister of Japan Taro Konoto to Islamabad last month.

“He reiterated that Pakistan firmly believes that common adherence to the ideals of peace, democracy, freedom and rule of law and shared commitment to promoting peace and security and expanding and deepening bilateral trade, investment and development cooperation provides a strong basis for a comprehensive, sustainable and mutually beneficial partnership between Pakistan and Japan,” the statement quoted the envoy as saying.

Kinji Saito, head of Suzuki Corporation operations, Hiroto Murai, chief operating officer of Sojitz Corporation and Itabashi, managing director of Innovation Network Corporation of Japan discussed their future investment plans in Pakistan.

Zamindar also met with Yumikura, global head of Infrastructure and Environment Finance Japan Bank for International Cooperation and discussed investment opportunities for Japanese companies in Pakistan.