President Islamabad Chamber of Commerce and Industry (ICCI) Ahsan Zafar Bakhtawari on June 25, 2023, urged the need for further strengthening bilateral and economic relations between Pakistan and Japan to attain sustainable growth and development in the country. Japan is the third largest economy in the world with a GDP of $4,940.9 billion and bilateral relations between Pakistan and Japan has a history, he said this while talking to Economic Minister designated for Japan, Dr Irfan Abbas Shah during his visit to ICCI.
Ahsan Zafar said that there are many possibilities for further improving trade relations between the two countries, adding that there are vast opportunities for Japanese investors to invest in different sectors of the national economy including dairy and automobile.
He said that the role of the embassy is very important to promote and develop diplomatic, trade and economic relations between both countries. President ICCI urged the need to impart skill training to youth to fulfill the increasing labor demand of Japanese markets and urged the government to take Small and Medium Enterprises Development Authority (SMEDA) and other concerned institutions into confidence and form a comprehensive policy in this regard.
Besides, conducting courses for Pakistani youth to learn the Japanese language was also stressed to benefiting the existing potential. He stressed the need for establishing automobile spare parts manufacturing units in collaboration with Japan, which would absorb local skilled and semi-skilled labor force.
Speaking on the occasion, Economic Minister Dr Irfan Shah said that Japan was in dire need of skilled workers due to the lack of young population and Pakistanis can take advantage of this opportunity. He said that the current volume of Pakistani exports to Japan is lower than its existing potential and urged the need to enhance it to its true potential. In the past, Japan has set up three plants in the automobile sector in Pakistan, but these plants could not go into manufacturing after assembling, due to several reasons.’
The Japanese investors should be convinced to invest in Special Economic Zones in Pakistan, he said adding that there is scope for increasing the volume of bilateral trade in all sectors. He assured of playing his due role in bringing the business community of both countries closer.
Source: IBP