Pakistan, Japan to further expand economic cooperation

ISLAMABAD, Apr 15 (APP):Pakistan and Japan on Thursday reviewed spectrum of business and investment relations, identified areas for further strengthening and expanding economic cooperation between the two countries.

The bilateral issues of mutual interest came up to discussion during a call-on meeting of Ambassador of Japan, Kuninori Matsuda with Federal Minister for Finance, Revenue, Industries and Production, Muhammad Hammad Azhar.

Speaking on the occasion, the finance minister stated that Pakistan and Japan had enjoyed cordial and friendly relations over the years and this relationship would continue to become even stronger with every passing day.

He appreciated the support extended by the government of Japan for infrastructural and institutional development in Pakistan, adding Japan was a major development partner of Pakistan.

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The minister underlined the initiatives taken by the government which led to economic turnaround. He said, Pakistan’s primary deficit has been converted into a surplus due to strict adherence to fiscal discipline.

The country’s fiscal response to COVID-19 has been prudent and well-targeted, including re-allocation of spending to the most vulnerable segments through the landmark Ehsaas program.

The minister lauded the valuable investment by Japan in various sectors particularly in the automobile sector and affirmed to facilitate Japanese investors and businessmen for undertaking major investment initiatives amid rising demand for innovative business products and services in Pakistan.

He also commended the contribution of the Japan International Cooperation Agency (JICA) for socio-economic development and reform initiatives aimed at poverty reduction & human development in the country.

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Hammad thanked the Kuninori Matsuda for his efforts in furthering Pakistan-Japan relations. On the occasion, the ambassador said that Japan greatly values its bilateral relations with Pakistan.

He briefed the Finance Minister about operations of the Japanese entities in Pakistan and expressed confidence that business and economic linkages would further strengthen between the two countries.