LAHORE: The Japanese business delegates see a huge potential in the bilateral trade between Japan and Pakistan which they believe could significantly contribute to the economic growth of both nations.
The Japanese business delegation, led by Hideo Horiguchi, expressed these views during their visit to the Lahore Chamber of Commerce and Industry on Wednesday.
The delegation members were representing major sectors, including heavy industries, law, apparel, Japanese language education, cosmetics and digital media. On this occasion, LCCI Senior Vice President Zafar Mahmood Chaudhry welcomed the delegation along with the Executive Committee Members.
During the meeting, Hideo Horiguchi said that there are a lot of opportunities for collaboration in these sectors through joint ventures, which could significantly contribute to the economic growth of both nations.
In his address, the LCCI Senior Vice President said that the total bilateral trade between Pakistan and Japan stands at US$1.19 billion; Pakistan’s exports to Japan, primarily dominated by textiles, amount to approximately US$183 million dollars while imports from Japan, including motor vehicles, iron and steel products, and surgical instruments, amounts to around 1 billion dollars. “Given Japan’s extensive import and export figures, there is considerable potential to increase bilateral trade to at least US$5 billion, which requires concerted efforts with mutual understanding,” he added.
He further said that the delegation, comprising experts and leaders from heavy industries, such as chemical plants, fertilisers, gasoline, gas turbines, equipment manufacturing and the automotive sector, particularly motorcycles, underscores the vast opportunities for collaboration in industries vital to both Pakistan and Japan.
He stressed that the exchange of ideas, expertise and technology between Pakistani and Japanese businesses could lead to the development of new ventures. He averred that the opportunities for collaboration are vast, and he encouraged the delegation to explore the potential that Pakistan offers in sectors such as renewable energy, infrastructure, healthcare, education and technology.
He highlighted the longstanding relationship between Pakistan and Japan, which has been characterised by mutual respect, trust and cooperation. He appreciated Japan’s vital role in Pakistan’s industrial and technological progress stating that Japan has always been a key partner for Pakistan, not only in economic cooperation but also in cultural and social exchanges.
He acknowledged the enthusiasm of the Pakistani business community and expressed optimism about future collaborations, adding that the Japanese delegation is eager to explore joint ventures in the highlighted sectors and looking forward to working closely with their Pakistani counterparts.
Copyright Business Recorder, 2024