ISLAMABAD, Feb 7: Japan has indicated to offer financial assistance for development of Small and Medium Enterprises (SMEs) in the country.
Chairman and the Chief Executive Officer (CEO) of Japan External Trade Organization (JETRO) Mr. Osamu Watanabe, called on Prime Minister’s Advisor on Finance Shaukat Aziz here on Friday, also assured to provide assistance for human development and technical assistance for the manufacturing of auto parts.
According to an official announcement, the JETRO chief said that his country was ready to extend support for the upgradation of Pakistan’s textile industries.
He pointed out that the measures taken by the government were attractive for Foreign Direct Investment(FDI). He said he would encourage Japanese investors to invest in Pakistan’s Export Processing Zone to take benefit of Pakistan’s strategic location, availability of labour and other facilities.
Mr. Watanabe informed the adviser that JETRO was organizing a single-nation exhibition specially for Pakistan’s textile at the end of this month. “This would be a great opportunity for Pakistani companies to increase their share in the Japanese market,” he added.
He acknowledge that Pakistan was a very important country of South Asia and offered a great potential for foreign investment. He said he will extend all possible support in mobilizing Japanese official assistance as well as private investment in Pakistan.
Mr. Watanabe appreciated the economic recovery and structural reforms undertaken by the government.
The adviser on finance informed Mr. Watanabe that the structural reforms were producing desired results as GDP growth this year was expected to rise to 4.5 per cent, while the large scale manufacturing was likely to register an increase of 6 per cent.
Simultaneously, Aziz said that exports have increased and revenue collection has exceeded the target. He said that while JETRO has a long history of extending technical and financial assistance to Pakistan, the present environment was ideally suited for extending financial assistance to SMEs.
He said that the $300 million Japanese assistance given after Sept 11, 2001 was partly being utilized to develop SMEs like plastics, textile and light engineering industries.