Japanese businessmen unveil $100mln investment plan for Pakistan

TOKYO: Pak-Japan Business Council (PJBC) is keen to invest at least $100 million in industrial zones in Pakistan in line with the interest of Japanese government and private sector to strengthen bilateral economic cooperation, its top official said.

Rana Abid Hussain, president of PJBC told the News that the Japan-based nonprofit association would put the investment pan before Punjab Governor Chaudhry Sarwar who’s scheduled to visit Japan in the last week of this month.

“We will discuss the plan of investment in the Punjab’s industrial zone with the governor during his upcoming visit,” said Hussain. “Japanese investors are interested to capitalise on investment opportunities apart from projects related to CPEC (China-Pakistan Economic Corridor).”

PJBC was formed to help business communities in Pakistan and Japan, promote interests of global companies, small and medium-sized enterprises, and academic and government organisations engaged in the Pakistan-Japan corridor. The PJBC provides both the countries network access and influence required to initiate business development, and innovate businesses, products, services and ideas.

Hussain said the economic situation in Pakistan is improving and confidence of foreign investors is restoring. Japan’s leading and world-renowned pottery company has also expressed interest in investing in Pakistan and will soon visit along with its representatives, he said.

A consortium of two of the Japan’s largest information technology firms unveiled major investment plans for Pakistan amid a rising demand of industry professionals.

These companies already visited Pakistan in December last year and held meetings with several stakeholders in the country. They wanted to launch a financial technology project in Pakistan and introduce digital payment tools.

Japan intended to extend business relations with Pakistan and wishes to import mangoes, rice, fish and textile products from Pakistan. Arrangements at the ports that could facilitate agriculture product exports were also sought by the Japanese government. Japanese traders are trying to import medical equipment and surgical instruments directly from Pakistan. In the past, these devices came to Japan via Germany.

Last year, Pakistan and Japan signed a memorandum of cooperation that would allow skilled Pakistani workers to secure employment in the East Asian island nation. The agreement envisages opening up 14 Japanese sectors for Pakistan’s workers, including construction, information technology, nursing, manufacturing and engineering. Japan is developing a new work visa policy as it expected to welcome around 340,000 skilled workers from across the world, including Pakistan, to make up shortfalls in its domestic labor market.