ISLAMABAD, May 31: The government of Japan will soon start examining and evaluation of four industrial projects to be undertaken with $15 million grant.

This was stated by Shun Imaizumi, Executive Vice-President of Komatsu Trading and Chairman Standing Committee on Pak Japan Business Cooperation in a meeting with Commerce Minister Abdul Razak Dawood here on Friday. BoI Chairman Waseem Haqqi and Japanese Ambassador Sadaki Numata were also present in the meeting.

Mr Shun said this grant would be component of $300 million, which had been committed by the Japanese government over the span of three-year.

Out of this $80 million has already been provided for social sector upliftment and poverty alleviation, he added.

Mr Dawood said Pakistan government had already prioritized the projects against this grant, which were now ready for evaluation by the Japanese government so that allocation could be made by Japan this fiscal.

The projects are plastic processing, metal processing, cotton textile processing plants and upgradation of auto part industry.

The commerce minister remarked that Pakistan was eager to develop and expand its textile and industrial base, for which Japanese grant would play a vital role.

These prioritized projects do also fit in overall framework of PJBF recommendations and need to be taken up this fiscal. Number of other social sector and poverty alleviation projects have also been identified by the Economic Affairs Division, which may be considered by the Japanese government for the next year, he said.

The minister further said that Japan was Pakistan‘s major trading partner with annual bilateral turnover of $1.0 billion. Sixty per cent of Pakistani exports are textile products and 54 per cent of imports from Japan are machinery and automobile, he said.

Joint ventures with Pakistani private sector firms in textile machinery, construction and telecommunication sectors are very promising areas for investment in Pakistan, he added. He was of the view that present low level of technology in engineering sector could be upgraded through bilateral strategic alliance.