Japanese delegation looks to form JVs

Discusses pushing trade to $5b with focus on heavy industries.

LAHORE:

A high-level Japanese business delegation, led by Hideo Horiguchi, visited the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, where discussions were held on how to expand bilateral trade ties and take benefit from Japan's technological prowess.

The delegates, who represented major sectors such as heavy industries, apparel, Japanese language education, cosmetics and digital media, expressed their views on the immense bilateral trade potential between Japan and Pakistan.

Delegation head Hideo Horiguchi underscored that there were a lot of opportunities for collaboration in those sectors through forming joint ventures, which could significantly contribute to the economic growth of both nations. He acknowledged the enthusiasm of the Pakistani business community and expressed optimism about future partnerships. He mentioned that the Japanese delegation was eager to explore joint ventures in different sectors and was looking forward to working closely with their Pakistani counterparts.

Speaking on the occasion, LCCI Senior Vice President Zafar Mahmood Chaudhry appreciated Japan's vital role in Pakistan's industrial and technological progress, stating that Japan had always been a key partner not only in economic cooperation but also in cultural and social exchanges. He noted that bilateral trade between the two countries stood at $1.19 billion and saw the potential for considerably increasing it to at least $5 billion with concerted efforts and mutual understanding.

At present, Pakistan's exports to Japan, which are mainly dominated by textile products, are calculated at $183 million, while imports from Japan, including motor vehicles, iron and steel products, and surgical instruments, stand around $1 billion. Chaudhry mentioned that the delegation comprised experts and executives from heavy industries such as chemical, fertiliser, gasoline, gas turbines, equipment manufacturing and automotive, indicating that there were vast opportunities for collaboration in such industries.

He highlighted that the LCCI had always been at the forefront of promoting business relations with international partners and stressed the need for exchanging ideas, expertise and technology between Pakistani and Japanese businesses. "This could lead to the development of new ventures."