Islamabad, 9 May 2024 (TDI): Prime Minister Shehbaz Sharif on Tuesday met with a delegation of Japanese industrialists in Islamabad and urged them to invest in Pakistan’s electric automotive industry, Sharif’s office said, amid country’s push to attract foreign investment.
The delegation, led by Japan’s Ambassador to Pakistan Wada Mitsuhiro, met the prime minister to discuss various opportunities in Pakistan, according to PM Sharif’s office.
The Pakistan premier noted that Japan and Pakistan were longstanding friends and that the two countries should further promote trade and investment ties in various sectors.
Sharif’s office quoted him as saying, “There is a wide potential for investment in the electric vehicle industry in Pakistan, and Japanese companies with the best technology can take full advantage of it.”
“All problems faced by Japanese industrialists and businessmen will be overcome together.”
He noted that his government had formed a committee to resolve the issues faced by Japanese companies, who were expanding their businesses in Pakistan.
During the meeting, the Japanese ambassador informed the prime minister about the arrival of a delegation of 20 well-known Japanese companies to Pakistan in July, which would prove to be an important milestone for the promotion of investment and trade between the two countries.
“The delegation informed the Prime Minister that Japanese companies have started local production of hybrid vehicles in Pakistan,” Sharif’s office said. “The Prime Minister welcomed this move.”
The development comes amid Pakistan’s efforts to attract foreign investment to keep the frail $350 billion South Asian economy afloat.
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IMF Program Completion
The cash-strapped nation last month completed its $3 billion International Monetary Fund (IMF) program which helped avert a default last year.
But the government of Prime Minister Sharif has stressed the need for a fresh, longer-term program.
Pakistan will seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.
