Japan increasing assistance to help boost Pakistan’s growth: official

ISLAMABAD: Japan is enhancing its assistance in the area of human resource (HR) development to contribute to Pakistan’s industrial growth especially in terms of capacity building, which would subsequently strengthen overall economy.

It was stated by Yamazaki Kazuyuki, the senior deputy minister for foreign affairs, Japan, during 5th Pak-Japan High Level Economic Policy Dialogue held at the Economic Affairs Division (EAD) on Thursday.

Kazuyuki, who led the Japanese side, comprising senior government officials and stakeholders based in both counties, noted that Pakistan was a significant partner and Japan attaches high importance to its relationship with Pakistan.

“The revival of the High Economic Policy Dialogue would go a long way in deepening economic engagement between the two countries,” the Japanese official said

underscoring the importance of strengthening the long-standing trade, economic, and investment cooperation further.

Syed Ghazanfar Abbas Jilani, secretary EAD, who headed the Pakistani team, stressed the need to give a new impetus to economic/commercial ties in the wake of sustained economic turnaround and improved security environment in the country.

Jilani told the Japanese officials that Pakistan’s investment policy, characterised by steady liberalisation, privatisation and deregulation, was one of the most liberal and investor-friendly in the region.

“Starting a few flagship projects by the government of Japan contributing towards socio-economic development of the masses at the grassroots level would definitely be a timely intervention,” he suggested.

The secretary also emphasised the significance of holding the Joint Government Business Dialogue at the earliest to advance the trade and investment talks as Japan was a promising market for Pakistan’s exports.

An EAD statement said the Japanese side expressed their agreement to facilitate the Joint Government Business Dialogue, planned to be held later this year.

“Both sides noted the need for further enhancement of Japanese investment in Pakistan keeping in view the improved economic environment,” the EAD statement said.

It added that for future Japanese investment, the Pakistani side identified the emerging sectors of automobile, auto parts, electric cars, electronics, solar panels, chemicals, and plastics, while their counterparts called for boosting investment as many Japanese companies were already profitably operating Pakistan.

The Economic Affairs Division said the dialogue is of immense significance as it primarily deals with major policy matters regarding trade, investment and development cooperation and more importantly it was held after a gap of more than seven years indicating both countries were looking to take economic ties to the next level.