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LAHORE, Sep 04 (APP):A Japanese business delegation, led by Hideo Horiguchi, visited the Lahore Chamber of Commerce & Industry (LCCI), here on Wednesday.
LCCI Senior Vice President Zafar Mahmood Chaudhry, along with Executive Committee Members, welcomed the delegation.
In his welcome address, Zafar Mahmood Chaudhry highlighted the longstanding relationship between Pakistan and Japan, which has been characterized by mutual respect, trust and cooperation. He appreciated Japan’s vital role in Pakistan’s industrial and technological progress stating that Japan has always been a key partner for Pakistan, not only in economic cooperation but also in cultural and social exchanges.
He said that the total bilateral trade between Pakistan and Japan is 1.19 billion dollars. Pakistan’s exports to Japan, primarily dominated by textiles, amount to approximately 183 million dollars, while imports from Japan, including motor vehicles, iron & steel products, and surgical instruments, total around 1 billion dollars.
He said that given Japan’s extensive import and export figures, there is considerable potential to increase bilateral trade to at least 5 billion dollars, which requires concerted efforts with mutual understanding.
He said that the delegation, comprising experts and leaders from heavy industries such as chemical plants, fertilizers, gasoline, gas turbines, equipment manufacturing, and the automotive sector, particularly motorcycles, underscores the vast opportunities for collaboration in industries vital to both Pakistan and Japan.
He stated that the Lahore Chamber of Commerce & Industry has always been at the forefront of promoting business relations with international partners. He stressed that the exchange of ideas, expertise, and technology between Pakistani and Japanese businesses could lead to the development of new ventures. The opportunities for collaboration are vast, and he encouraged the delegation to explore the potential that Pakistan offers in sectors such as renewable energy, infrastructure, healthcare, education, and technology.
He also highlighted that Pakistan offers a range of facilities and incentives to foreign delegations and investors. He pointed out that Special Economic Zones in the country provide tax exemptions, duty-free import of machinery, and other benefits designed to make Pakistan an attractive destination for investment.
The Japanese delegates expressed views on immense bilateral trade potential between Japan and Pakistan. The delegation members were representing major sectors such as heavy industries, law, apparel, Japanese language education, cosmetics and digital media.
Head of the delegation Hideo Horiguchi said that there are a lot of opportunities for collaboration in these sectors through 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 collaborations. He mentioned that the Japanese delegation is eager to explore joint ventures in the highlighted sectors and looking forward to working closely with their Pakistani counterparts.
LCCI Senior Vice President also highlighted the facilities and incentives offered to foreign investors in Pakistan, including tax exemptions, duty-free import of machinery and the streamlined services of the Special Investment Facilitation Council (SIFC). He said that the Government of Punjab is making efforts to facilitate international investors through one-window operations at the Business Facilitation Centers in major cities of the province, demonstrating Pakistan’s commitment to being a business-friendly destination.