ISLAMABAD, Jan 31: The government will soon set up Korangi Industrial Zone (KIZ) in Karachi aimed at providing more facilities to foreign investors in the country.

This was stated by federal minister for industries and production, Liaquat Ali Jatoi in a meeting with Japanese ambassador to Pakistan, Minoru Shibuya here on Friday.

The minister expressed the hope that KIZ, economic hub of Karachi, will attract more foreign investors.

He said that all export processing zones (EPZs) and industrial zone are being improved with more facilities to the investors.

“There will be consistency in the policies and steps taken to provide more incentives to the investors by reducing and rationalising tariff and other procedural matters,” he said.

The minister assured the Japanese envoy that Pakistan is economically viable and there are no restrictions on foreign investment.

Mr Jatoi said that Pakistan would provide more facilities and incentives to the Japanese investors in Pakistan.

He said that on the direction of Prime Minister, Mir Zafarullah Khan Jamali, all the procedural hurdles are being removed, investment-friendly policies and one-desk operation at airports is being introduced to facilitate the foreign investors.

The minister said that Japan should come forward and invest in the coal, hydel, plastic technology and other sectors. He said that Japan should also provide technical know-how and training facilities to the people of Pakistan.

He apprised the Japanese envoy that due to consistency in policies, the foreign exchange reserves have reached to $10 billion; automobile growth rate to 40 per cent and general growth rate of 17.7 per cent. In Pakistan, Toyota would start double shift in March to meet the local demand.

The Japanese ambassador also expressed the need to further improve the bilateral relations between the two countries. He said that Japan would continue its assistance to Pakistan.