Japan urges Pakistan to allow import of vehicles’ manufacturing equipment

Islamabad: Japan this week urged Pakistan to allow the import of manufacturing equipment of vehicles as the dollar liquidity crunch has severely impacted the issuance of letters of credit (LCs) to Japanese companies operating in the country.

According to the publication, Japanese companies are also mulling the idea of establishing plants for hybrid vehicles in Pakistan and export them from Pakistan in the future.

According to an official statement issued by the Ministry of Finance, Ambassador of Japan in Pakistan Wada Mitsuhiro met Finance Minister Senator Ishaq Dar at the Finance Division.

Shinji Yanagi, Vice Chairman Toyota Co., SAPM on Finance Tariq Bajwa, finance secretary and senior officers also attended the meeting.

The finance minister briefed the envoy on the economic challenges and priorities of the incumbent government.

He stated that Japan is one of its major development partners, adding that the cooperation will strengthen in multiple fields for the mutual benefit of both countries. He also highlighted potential opportunities for investment in Pakistan and welcomed the investment plans of Japanese companies.

Lauding the pragmatic policies and actions of the government, Mitsuhiro maintained that Japan greatly values its bilateral ties with Pakistan. He also expressed confidence in the economic policies of the current government.

Meanwhile, a World Bank delegation headed by Mamta Murthi, Vice President of the World Bank for Human Development, also held a meeting with Dar at the Finance Division.

Murthi emphasised the importance of investing in human capital, particularly in education, health and nutrition, social protection, population control, and women’s development. She also highlighted the importance of local ownership and community participation in implementing development projects.

Murthi shared her views on the best human development practices being followed in the region and expressed the desire to initiate the same practices in Pakistan as well.

The finance minister apprised the vice president of the government’s policies and programmes related to key areas of human development to uplift the masses and eliminate poverty in the country.

He also expressed the commitment of the government to work in collaboration with the World Bank to achieve their shared goals of sustainable development in Pakistan.