Pak- Japan desire to further enhance bilateral economic ties

Celina Ali

Islamabad: Pakistan and Japan this week expressed their desire to further enhance the bilateral cooperation between Pakistan and Japan and pledged to work together towards achieving common goals for the benefit of both nations.

The Ambassador of Japan to Pakistan, Mitsuhiro Wada, called on Mr. Muhammad Aurangzeb, the Minister for Finance and Revenue, said a press release issued here.

The Japanese Ambassador congratulated the Finance Minister on assuming the office. The Minister for Finance and Revenue welcomed the Ambassador and stated that the Government is committed to undertaking reforms to bring macroeconomic stability and sustainability. The Minister stated that increasing the tax to Gross Domestic Product (GDP) ratio remains a priority area.

In this regard, the Government will strive to achieve end-to-end digitization to expand the tax base, bring transparency in the tax system and improve the client experience. He further apprised the Ambassador about energy sector reforms. While the focus would be on reducing the costs in the sector governance issues of the distribution companies will be addressed through private participation in the management and eventual privatization. Meanwhile, on the occasion, Ambassador Wada noted the commitment of the Government to continue with the implementation of prudent fiscal policies and structural reforms. He informed that presently 80 Japanese companies are operating in Pakistan.

The Ambassador highlighted some of the issues being faced by Japanese automakers in Pakistan. He appreciated the government’s efforts towards economic revival and expressed Japan’s continued support for Pakistan’s initiatives aimed at fostering growth and prosperity. The Finance Minister informed that agriculture and IT sectors have demonstrated robust growth recently and the Government would make efforts to support these sectors to become growth leaders.