Pakistan need to further improve business environment: Japanese Ambassador
04 September, 2015
ISLAMABAD – Ambassador of Japan Hiroshi Inomata has said that Japanese companies are taking great interest in Pakistan to invest in various sectors including energy and consumers goods and Pakistan need to further improve business environment by addressing issues like power shortage, infrastructure and security situation to attract more investment.
Addressing business community at the Islamabad Chamber of Commerce and Industry, he said that considering size of both the economies, Pakistan and Japan have good potential to further expand bilateral trade and Tokyo was trying to have broader economic relations with Islamabad. He said that promotion of trade was the best option to further deepen mutual understanding between the two countries.
Ambassador Inomata said that many Japanese companies were already in joint ventures in Pakistan in auto and other sectors while there was a great scope to establish more joint ventures between the business communities of the two countries in various areas. He said that Japan was extending cooperation to Pakistan in health, education and other sectors and would continue to support Pakistan in its economic development.
In his welcome address, chamber’s President Muzzamil Hussain Sabri said that bilateral trade of around two billion dollars between Pakistan and Japan was not up to the real potential with trade balance in favour of Japan. Both Pakistan and Japan should focus on finalising a free trade agreement and encourage frequent exchange of trade delegations that would greatly help in increasing the bilateral trade, he said.
Pakistan had allowed Japan to set up a Special Economic Zone and the Textile City in Karachi under concessionary package. Muzzamil said that Japanese companies should enhance investment in these projects. Appreciating Japan’s interest in Karachi’s Circular Railway and underground metro projects in Lahore and Karachi, he stressed that Pakistan should extend all possible assistance to investors.
He also said that the investors must contribute in upgrading transportation system of Pakistan according to modern needs. He assured that the Islamabad Chamber would like to work with the Embassy of Japan to create more business linkages between the private sectors of both the countries to explore all untapped areas of mutual cooperation.