Japan has expressed interest in diversifying markets amid global trade risks and underlined the importance of regulatory certainty and targeted investment incentives for Japanese automakers to help them expand exports from Pakistan.
Special Assistant to the Prime Minister on Industries Haroon Akhtar Khan, along with Pakistan's Ambassador to Japan Abdul Hameed, held a meeting with Japan's Vice Minister for International Affairs, Ministry of Economy, Trade and Industry Matsuo Takehiko in Tokyo.
The meeting explored new avenues to strengthen industrial cooperation, with a particular focus on the automotive and IT sectors. It was noted that Pakistan has a large and young population as well as growing market potential, and over 70 Japanese companies are already operating in the country.
Discussions covered Pakistan's new industrial policy, which seeks to boost exports, reduce tariffs, streamline regulations and attract greater foreign investment in line with the prime minister's vision for export-led annual economic growth of 6-7%.
Global industry trends also came up for discussion along with the Japanese auto industry's focus on biofuels in emerging markets, led by Toyota and Suzuki. Both sides reviewed Pakistan's Auto Industry Development Policy and the planned shift from punitive to incentive-based measures to encourage investment.
Opportunities for Japanese investment in Pakistan's automotive and textile sectors, the role of biofuels and the need for regulatory standards in the auto industry were highlighted.
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