Japanese auto firms invited to gain foothold in Pakistani market

Web Desk BOL News

06th Sep, 2021. 05:15 pm
Budget 2021-22 Reduced tax on cars

ISLAMABAD: Federal Minister for Industries and Production Makhdoom Khusro Bakhtyar on Monday invited the Japanese automobile companies to explore the potential of exporting automobile parts to other countries.

During a meeting with Ambassador of Japan to Pakistan Kuinori Matsuda, both leaders shared the key areas of cooperation in the industrial sector and modernisation of the local engineering industry.

The minister discussed the business opportunities for Japanese automobile companies under the framework of new auto policy focusing on localisation and making the auto sector export-oriented.

These incremental steps would revolutionise the automobile industry of the country by connecting it to global supply chain and distribution channels, he said.

Bakhtyar highlighted the setting up of Karachi Industrial Park on 1,500 acres of Pakistan Steel Mills (PSM) land, adding that the project would provide an opportunity to foreign investors, including Japanese companies to gain foothold in Pakistani market, as well as abroad by capitalising on the cheap labour and port location.

Further, the minister apprised the ambassador on the Mobile Device Manufacturing Policy.

He said the new policy has started bearing fruits now and Pakistan’s existing economic environment provided an excellent opportunity to the Japanese companies to invest in mobile phone manufacturing.

The ambassador highlighted the mutual cooperation between Japan International Cooperation Agency (JICA) and the Ministry of Industries and Production to enhance export base and suggested a bilateral forum for the issuance of certificates for international standards of export goods such as auto-parts, tyres, chemicals, IT and communications and enhancement of engineering development skills.

The meeting ended on a high note that mutual cooperation between Pakistan and Japan would be extended in the light of new auto, Small and Medium Enterprises (SMEs) and existing mobile manufacturing policies and improved ease of doing business steps taken by the government of Pakistan for the industrial sector.

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