This past week the Prime Minister’s advisor on commerce, textiles, industries and investment, Abdul Razak Dawood announced that in order to upgrade vehicle testing facilities across Pakistan, they intend to seek Japanese Government’s assistance.
According to an official statement, Abdul Razak Dawood in a meeting with the Chairperson and CEO of Japan External Trade Organization (JETRO), Mr. Hiroyuki Ishige said, “Japan has a large share in the auto market and Pakistan needs its help in vehicle testing system”.
JETRO is a government-affiliated organization, originally established in 1958 with the purpose of promoting bilateral trade and investment between Japan and other countries.
In response to the request, Mr. Ishige assured the government officials that he would convey Pakistan government’s request to Japan’s Ministry of Economy, Trade, and Industry (METI).
In addition to this, he also talked about the results of an annual survey conducted by JETRO from various Japanese manufacturers, in which several of these companies showed an increased interest as well as the opportunity of extending their businesses to Pakistan.
During their discussion, Mr. Ishige informed the PM’s Advisor on Commerce regarding JETRO’s activities concerning the external trade promotion. He further added that he always wanted to visit Pakistan to better understand the business environment here. He mentioned how he met with various Japanese company officials to discuss trade and investment policies in Pakistan.
JETRO’s chairperson acknowledged that Pakistan’s investment environment is improving which is a good sign. He said, “JETRO recognizes that investment culture in Pakistan is improving, as the country is quickly establishing itself as a gateway to Central Asia as well as the Middle East”.
Not only in his statement did he recognize Pakistan’s steadily improving investment culture, but he also understood that the current situation of Pakistan’s economy and the continuously increasing trade deficit is directly attributed to the devaluing of Pakistani Rupee and the quickly depleting foreign currency reserves.
Before the closing remarks, it is worth mentioning that the meeting between top JETRO official and the Prime Minster’s Commerce Advisor was also significant due to the fact that it also shed light on how various Japanese manufacturers are interested in investment and expansion opportunities in Pakistan if the government trade and investment policies are favourable.
Surely in the upcoming days, it would be interesting to see how this meeting between JETRO and Pakistan government pans out. Regardless, the car testing facilities in Pakistan certainly require an upgrade in order to meet present day’s security and safety standards and hence seeking assistance from industry experts is surely a good first step.
That’s it from our side, drop your thoughts in the comments section below.