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January 12, 2020

Remittances to rise after labour export deals with Japan: minister

Business

January 12, 2020

TOKYO: The government expects a significant rise in remittance inflows following agreements for exporting manpower to Japan, a minister said.

Last month Pakistan and Japan signed a memorandum of cooperation that would allow skilled Pakistani workers to secure employment in the East Asian island nation.

The agreement envisages opening up 14 Japanese sectors for Pakistan’s workers, including construction, information technology, nursing, manufacturing and engineering.

Japan was currently developing a new work visa policy as it expected to welcome around 340,000 skilled workers from across the world, including Pakistan, to make up shortfalls in its domestic labor market.

Hammad Azhar, minister for economic affairs Pakistani diaspora living has an important role as “they can promote positive image of Pakistan in the country of their residence in an effective manner”.

“The government is trying to ensure all possible facilitation for the overseas Pakistanis,” Azhar told The News in Tokyo.

The minister is currently visiting Japan to explore and discuss ways to enhance the economic relations between the two countries.

Azhar said Pakistan has the support of Japan in Financial Action Task Force (FATF) as the Pakistan has also done a detailed groundwork to meet FATF recommendations.

“We are optimistic that in the light of our recommendations we will exit from the gray list.”

He said Japan is currently providing $30 million annually in financial assistance to Pakistan.

“Japanese lending to the country had seen a major decline in the past couple of years, and concerns in this regard had been conveyed to the Japanese officials,” Azhar said.

Azhar said plans were underway to build a Dubai-style city in Pakistan, while the government was also considering import of hybrid vehicles to improve the environment and reduce fossil fuel consumption.

Earlier, the minister also had a sitting with Teruo Asada, chairman, Japan-Pakistan Business Cooperation Committee (JPBCC) and the session was also attended by a large a number of representatives from leading Japanese corporations having a strong presence in Pakistan.

The two sides discussed strengthening economic cooperation and increasing bilateral investments and exerting all possible efforts to eliminate obstacles and overcome difficulties that obstruct the smooth flow of trade and investment between the two countries.

Azhar said Pakistan is ready to welcome Japanese businesses in all the sectors of economy.

Asada and other business leaders acknowledged the economic credentials of Pakistan and expressed JPBCC’s eagerness to make practical efforts for boosting trade and investment relations.

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