Pakistan, Japan to further strengthen economic ties

ISLAMABAD: Pakistan and Japan on Thursday expressed resolve to further strengthen and expand bilateral economic cooperation.

Ambassador of Japan Kuninori Matsuda and Minister for Finance, Revenue, Industries and Production Hammad Azhar reviewed the spectrum of business and investment relations and identified areas for cooperation.

Commercial Counsellor Ishii Kensuke and Second Secretary Soma Mayuko also accompanied the ambassador.

Azhar said Pakistan and Japan have enjoyed cordial and friendly relations over the years and this relationship will continue to become even stronger with every passing day. He appreciated the support extended by the government of Japan for infrastructural and institutional development in Pakistan. Japan is a major development partner of Pakistan, he added.

The finance minister underlined the initiatives taken by the government which led to economic turnaround. Pakistan’s primary deficit has been converted into a surplus due to strict adherence to fiscal discipline. Pakistan’s fiscal response to COVID-19 has been prudent and well-targeted, including re-allocation of spending to the most vulnerable segments through the landmark Ehsaas program.

The minister lauded the valuable investment by Japan in various sectors particularly in the automobile sector and affirmed to facilitate Japanese investors and businessmen for undertaking major investment initiatives amid rising demand for innovative business products and services in Pakistan. He also commended the contribution of the Japan International Cooperation Agency (JICA) for socio-economic development and reform initiatives aimed at poverty reduction and human development in the country.

Matsuda said Japan greatly values its bilateral relations with Pakistan. He briefed the meeting about operations of the Japanese entities in Pakistan and expressed confidence that business and economic linkages would further strengthen between the two countries.