TOKYO, Aug 10: The Japanese financial and insurance sector has assured Pakistan of supporting its programme to revitalize economy and upgradation of its credit rating in the coming meeting of the OECD (Organization of Economic Cooperation and Development).

This support came from Japan Bank of International Cooperation (JBIC) and Nippon Export and Investment Insurance (Nexi) in their separate meetings with Prime Minister Shaukat Aziz here on Wednesday.

The prime minister told these two leading institutions that Pakistan’s consistent and transparent policies had inspired the Japanese investors to take a renewed interest in Pakistan. He said about 60 per cent of his over 20 engagements in Tokyo were with the Japan’s private sector, which had shown keen interest in expanding and starting new businesses in Pakistan’s growing economy.

Talking to the JBIC Governor Kyosuke Shinozawa and Chairman Nexi, Hidehir Konno, he said the revival of yen loan package should be a good signal to Japanese private sector.

He said Pakistan’s economy had performed well as the growth rate was high, capital market buoyant, FDI all time high, and credit rating improving. He said deregulation, liberalization and privatisation were the main pillars of Pakistan’s economic policy.

He said Pakistan had got rid of IMF. He told them that there was wide scope for Japanese cooperation in infrastructure development, roads, highways, ports, shipping, railways, power generation and social sector.

The Governor of Japan Bank assured support of the bank in revitalization of Pakistan’s economy. He noted that the investment climate in Pakistan was improving, and expressed the hope that the growth would remain steadfast in future.

The Chairman of Nippon later told Pakistani newsmen that he assured the Prime Minister to support Pakistan’s case for upgradation of its credit rating in the coming meeting of the Organization of Economic Cooperation and Development.