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Sunday 24th October 2021 / 18 Rabiulawal 1443

Minister invites Japanese auto companies to invest in Pakistan

Bakhtiar meets with Ambassador of Japan to Pakistan Kuinori Matsuda. Source: APP/PID.

Bakhtiar meets with Ambassador of Japan to Pakistan Kuinori Matsuda. Source: APP/PID.

ISLAMABAD: Federal Minister for Industries and Production Makhdoom Khusro Bakhtiar has invited  Japanese automobile companies to explore the potential of exporting automobile parts to other countries.

The federal minister met with Ambassador of Japan to Pakistan, Kuinori Matsuda to discuss bilateral cooperation in different potential areas including the automobile sector. During the meeting, they shared key areas of cooperation in the industrial sector and modernisation of local engineering industry.

The federal minister discussed the business opportunities for Japanese sutomobiles companies under framework of the new auto policy focusing on localisation and making the auto sector export-oriented. He said these steps would revolutionise the automobile industry of the country by connecting it to global supply chain and distribution channels.

During interaction, the minister highlighted the setting up of Karachi Industrial Park on 1500 acres of PSM land, adding, the project would provide an opportunity to foreign investors including Japanese companies to gain a foothold in the Pakistani market as well as abroad by capitalising on cheap labor and port location.

Furthermore, the minister apprised the ambassador on Mobile Device Manufacturing Policy. He said the new policy has started bearing fruits now and Pakistan’s existing economic environment provides an excellent opportunity for Japanese companies to invest in mobile phone manufacturing.

The ambassador also shed light on mutual cooperation between JICA and Ministry of Industries and Production to enhance export base and suggested bilateral forum for issuance of certificates for international standards of export goods like auto parts, tyres, chemicals, IT and communications and enhancement of engineering development skills.

The meeting ended on a high note that mutual cooperation between Pakistan and Japan would be extended in light of new auto, SME and existing mobile manufacturing policies and improved ease-of-doing-business steps taken by government of Pakistan for the industrial sector.

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