ICCI urges government to focus on expanding trade relations with Japan

Pakistan’s trade with Japan has been on a declining trend for the last few months, which is not good for the country as the result Islamabad Chamber of Commerce & Industry (ICCI) has called upon the government to give priority to promoting trade with Japan.

ICCI has urged the government to focus on expanding trade relations with Japan that offers great potential for bilateral trade and exports. Muhammad Ali Mirza, Acting President, Islamabad Chamber of Commerce & Industry said that Japan is the 3rd largest economy of the world and offers lot of economic benefits to Pakistan.

Despite having huge scope for improving trade with Japan, Pak-Japan bilateral trade hovers around $2 billion while India’s bilateral trade with Japan is around $18 billion. He stressed upon the government to facilitate the private sector in further improving trade with Japan.

Apart from expanding trade & exports, Pakistan should also seek the cooperation of Japan in mega projects. As, Japan is more advanced in the field of industry than China & South Korea and Pakistan should enhance cooperation with Japan in industrial development for achieving better results.

Although Pakistan has allowed Japan to set up a Special Economic Zone and Textile City in Karachi, ICCI has urged that Pakistan should give more incentives to Japanese investors beguiling them to establish their companies in Pakistan which behinds promoting Pakistan’s exports it will also greatly help in creating more job opportunities.