Lahore, November 04, 2013 (PPI-OT): Japanese Ambassador to Pakistan Hiroshi Inomata on Monday stressed the need for more collaboration between Pakistan and Japan to create concrete and tangible results as far as economy is concerned.
The Ambassador was talking to LCCI President Engineer Sohail Lashari during a visit to the Lahore Chamber of Commerce and Industry on Monday. LCCI Senior Vice President Mian Tariq Misbah and Vice President Kashif Anwar were also present on the occasion. The Ambassador said that Pakistan’s strategic location makes it an attractive market for the potential foreign investors. He said that he would be doing what is possible to highlight the potential of Pakistan in the eyes of Japanese investors.
The Ambassador also invited to arrange a delegation to Japan to have firsthand knowledge about available opportunities there. Hiroshi Inomata also discussed bilateral economic relations with particular reference to cooperation in different sectors.
He said that the Japanese government and the private sector were ready to extend every possible help to Pakistan for the revival of economic activities. He said that Japan was quite strong as far as the technical education was concerned and Pakistan should avail this opportunity to overcome the shortage of skilled labour.
He said that the Lahore Chamber of Commerce and Industry should further strengthen its liaison with chambers of commerce in Japan that have much bigger membership as compared to Pakistan.
The Ambassador said that an exchange of trade related information between the two countries could also jack up the volume of two-way trade that does not match the true potential of the two countries.
Speaking on the occasion, the LCCI President Engineer Sohail Lashari said that Pakistan has strong economic and commercial ties with Japan but these relations need to be capitalized to attain greater share in Japanese market. For closing the gap in trade balance, a lot of efforts are desired to be made and the best possible way is to identify the areas where the two sides can cooperate with each other.
He said that non-availability of trade-related data is one of the impediments in the way of expansion of trade between two countries. The LCCI President said that frequent exchange of sector-specific delegations could help the representatives of private sectors explore the opportunities of trade and investment in Pakistan.
Engineer Sohail Lashri urged the Ambassador to encourage the Japanese to consider Pakistan in their future plans as the share of Japan in Foreign Direct Investment in Pakistan is very low. “Pakistan has a unique standing in terms of its strategic location and countless investment opportunities.”
He said that there was a huge scope in the field of power sector. Throwing light on the prospects of investment in the energy sector, he said that it is the most lucrative sector as coal is abundant in Pakistan, sun is available for most part of the day in the southern areas and there is a wind corridor in the coastal areas of the country which makes it perfect for the Japanese investors to explore this untapped field of investment.
The LCCI President said that Pakistan direly needed technologies in renewable/alternate energy including solar and wind. “We seek more and more assistance from Japan in order to bring long term peace and prosperity in Pakistan although Organizations like Japan International Cooperation Agency (JICA) in social sector, Japan External Trade Organization (JETRO) in promotion of trade and investment were already playing great role in Pakistan.”
Major exports of Pakistan to Japan consist of cotton yarn, petroleum oils, woven cotton fabric, vegetables, electro-medical apparatus, leather, leather garments, carpets and sports goods etc. The main imports from Japan are cars, vessels and other floating structures, products of iron, trucks, parts and accessories of motor vehicles, textile machinery and etc.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +9242 111 222 499
Fax: +92 42 636 8854