MoU signed by BOI, JETRO Accord to help realise potential of Pak-Japan ties

ISLAMABAD: Federal Minister for Board of Investment and Special Initiatives Chaudhry Salik Hussain has said that signing of a mutually beneficial MoU between the Board of Investment (BOI) Pakistan and Japan External Trade Organisation (JETRO) will help realise the joint vision of enhancing cooperation between Pakistan and Japan.

He expressed these views while addressing the Pakistan-Japan Trade and Investment Seminar organised by the BOI in collaboration with JETRO at a hotel on Friday.

The seminar, which hosted more than 300 business and government figures, was held in honour of a Japanese delegation led by Parliamentary Vice Minister, Ministry of Economy, Trade and Industry of Japan, which is presently in Pakistan to attend the 7th Session of the Pakistan-Japan Government Business Joint Dialogue. The delegation is accompanied by businessmen from leading Japanese companies.

The one-day seminar was also attended by Asad Rehman Gilani, Secretary BOI, Kazuya Nakajo, Executive Vice President, JETRO, Satomi Ryuji, Japanese Parliamentary Vice Minister, Teruo Asada, Chairman, Japan-Pakistan Business Cooperation Committee, and Syed Hamid Ali, Additional Secretary, Trade Diplomacy, Ministry of Commerce.

Koji Yamashita, Chief Representative for Asia and Oceania, Nippon Export and Investment Insurance (NEXI), Eiji Teshima, General Manager, Association for Overseas Trade and Industry Human Resource Development (AOTS), Wakako Sakurai, Founder and CEO, Plus W, Inc, Nobuo Shiobara, President and Representative Director, Profound Vision K.K., Hitoshi Yamaguchi, Managing Director, YKK Pakistan, Shinji Yanagi, Vice Chairman, Indus Motor Company, Kazunori Yamaguchi, Country Director JETRO Karachi, and other prominent businessmen and government dignitaries attended the seminar.

The seminar included sessions on business-to-business activities, which provided prominent Japanese companies a suitable platform to hold detailed interactions with their Pakistani counterparts in sectors of interest, including the auto, engineering, banking, information technology, minerals, chemicals, energy, services, pharmaceuticals, agriculture, food processing, construction, textile, manufacturing and other related areas.

Chaudhry Salik Hussain congratulated the government of Japan, the Japanese ambassador and the Embassy of Japan in Pakistan, Embassy of Islamic Republic of Pakistan in Japan, Pakistan Japan Business Forum, Japan External Trade Organisation and participating Japanese delegates for completion of 70 years of excellence in diplomatic and trade relations between Pakistan and Japan.

He encouraged Japanese businesses to invest in Pakistan in potential investment sectors, such as Information Technology, agriculture and food processing, logistics, mines and minerals, steel mills, construction, housing and tourism, where Japanese companies can explore opportunities for profitable investments with conducive policies and special incentives offered by the government.

Kazuya Nakajo, Executive Vice President, JETRO, Satomi Ryuji, Japanese Parliamentary Vice Minister, and Teruo Asada, Chairman, Japan-Pakistan Business Cooperation Committee, shared their views regarding their experience of doing business in Pakistan and their future plans. This was followed by a series of success stories of Japanese companies doing business in Pakistan.

Secretary BOI Asad Rehman Gilani welcomed the 15-Member High level delegation to Pakistan, and stated that the Government of Pakistan attaches highest precedence to its friendly relations with Japan and is desirous to strengthen the bilateral relations further on the economic front. The BOI, Islamabad, being the premier investment promotion and facilitation agency of Pakistan, has been appointed as the focal point of contact for Japanese investors.

He appreciated the contributions of all Japanese companies working in Pakistan for the economic development of the country, especially Honda, Toyota, Suzuki Motors, Nutrico Morinaga, NEC Corporation. Japanese businesses have recently made significant investments in Pakistan’s automobile, steel, chemicals, food and other sectors. However, he informed that there is still much room for further expansion of investments in the auto sector, renewable energy, electronics, food processing, and engineering sectors.

The secretary BOI appreciated the generosity extended time and again by Japan in diverse areas whenever needed. At this time, the entire Pakistani nation is united to collectively overcome the losses caused by recent flooding in various parts of Pakistan.

He commended the unwavering support of the government and people of Japan by providing emergency assistance of $7 million.

Jamil Ahmad Qureshi, Director General Investment Promotion, BOI, delivered a detailed presentation on investment opportunities in Pakistan in relevant sectors of interest, including the special economic zones in Pakistan.

The Japanese delegation expressed their satisfaction towards support provided by the government of Pakistan in general, and the Board of Investment, Islamabad, in particular, to the Japanese enterprises doing business in Pakistan.

Federal Minister for BOI assured that Japanese delegation of full support by the government of Pakistan in execution of projects of Japanese businesses in Pakistan.

Copyright Business Recorder, 2022