Korean and Japanese delegation keen to invest in Pakistan – Pakistan Industrial sector update

KARACHI: it has been learnt from special sources that Japan and Korea have shown keen interest in investing in the domestic markets of Pakistan. Both countries have already made huge investments in automotive, machinery sector and chemical industries in Pakistan.

It will be fair to say that only Automotive and Chemical industries in Pakistan are the ones that are growing at an acceptable rate right now. Rest of the industries have suffered severely due to lack of funds and government’s interest. To bring Pakistan out of current economic and energy crisis, considerable investments will be required in other sectors as well.

Japanese ambassador to Pakistan, Hiroshi Oe and Korean ambassador to Pakistan, Choongjoo Choi on their Overseas Investors Chamber of Commerce and Industry (OICCI) visit on Tuesday discussed further potential investment opportunities in Pakistan. The two Ambassadors were of the view that there are endless possibilities of making successful investments in the region.

Mr Ambassador Oe, expressed his interest in working with OICCI to bring Japanese investment in Pakistan. He said both countries share a lot of common goals and that Japanese government is willing to provide all technical and financial help to Pakistan business community. He further added that Japanese investments in Pakistan can assist Pakistan in overcoming its on-going economy and energy crisis. He explained, to encourage more investment, the long outstanding issue of circular debt in Pakistan needed to be resolved to ensure stable energy supply. To power it’s economy, Pakistan should look to import value added products.

Korean ambassador also appreciated the potential business opportunities in Pakistan and he said that Korean investors are trying to learn from the experiences of existing foreign investors in the country. OICCI president, Mr Naved A Khan met the Ambassadors of both countries and he briefed the delegations on the role of OICCI in facilitating foreign companies in Pakistan.

It was learnt that senior officials from trade, policy and economic circles were included in Korean and Japanese delegation. Both ambassadors expressed their eagerness to work with Pakistan to better employment and business opportunities. Finally, they concluded that more effort was needed on the international front towards eliminating the misperceptions about the region.