ISLAMABAD - Islamabad Chamber of Commerce and Industry (ICCI) has called upon the government to focus on expanding trade relations with Japan that offers great potential for bilateral trade and exports.
In a statement issued here on Monday, ICCI Acting President Muhammad Ali Mirza said that Japan was the third largest economy of the world and offers lot of economic benefits to Pakistan. Despite having huge scope for improving trade with Japan, Pak-Japan bilateral trade hovers around $2 billion while India's bilateral trade with Japan is around $18 billion, he said.
He stressed upon the government to facilitate the private sector in further improving trade with Japan. He said for the last few months, Pakistan's trade with Japan has been on a declining trend, which is not good for the country and government should give priority to promoting trade with Japan. He said apart from expanding trade & exports, Pakistan should also seek the cooperation of Japan in mega projects.
He identified technology, electronics, investment, infrastructure development, energy, health and education as the potential areas of cooperation between the two countries. Mirza said that Japan was more advanced in the field of industry than China and South Korea and Pakistan should enhance cooperation with Japan in industrial development for achieving better results.
He said it was encouraging that Pakistan has allowed Japan to set up a Special Economic Zone and Textile City in Karachi and urged that Pakistan should give more incentives to Japanese investors enticing them to establish their companies in Pakistan which will greatly help in creating more job opportunities and promoting Pakistan's exports.