TOKYO: Finance Minister Ishaq Dar on Wednesday sought Japan’s technical assistance and investment in renewable energy sources such as solar, wind, thermal and biogas.

Addressing Japanese businessmen at an investment seminar organised by the Japan External Trade Organisation (Jetro) and co-sponsored by Board of Investment (BoI), the minister highlighted potential areas of investment to further boost bilateral economic relations.

“Pakistan offers a big market for investment in energy, automobile, textile, surgical equipment, infrastructure, engineering, agriculture and SMEs,” Dar Said.

Referring to cordial bilateral relations, he said that Japan’s economic assistance had helped much in the development of Pakistan’s economic and social infrastructure.

Dar said the World Bank had projected that the investment growth rate in Pakistan, which declined for several years in the past, would rise during 2014-16.

He said Pakistan had one of the most liberal foreign investment regimes in South Asia.

He said cent per cent foreign equity was permitted in the manufacturing and infrastructure sectors as the country had a market-oriented economy with a rapidly growing private sector.

He said though Japanese auto sector accounted for about 95pc in the four-wheeled vehicle market and had immense positive influence on Pakistan’s economy, but bilateral trade volume between the two countries had been stagnant for the past five years.

“It is also heavily in favour of Japan which needs to be addressed through initiating negotiations for Early Harvest Programme of Free Trade Agreement,” he added.

The minister said there was a need for world class education system and mechanisation of industries that, if exploited efficiently, could generate wealth for foreign investors.

The minister said the government would welcome the initiative of establishing Japan-specific economic zones and facilitate the establishment of entrepreneurship in all respects.

He assured the Japanese investors that the government would extend every possible help and facilitation to materialise the investment initiatives. He directed the BoI to facilitate the investors.

The seminar was attended by over 250 Japanese businessmen, besides Jetro Chairman Hiroyuki Ishige, BoI Chairman Miftah Ismail and Pakistan Embassy officials in Tokyo.

Published in Dawn, January 15th, 2015

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