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ISLAMABAD: Pakistan and Japan on Friday held specific discussions in economic areas to bridge the balance of trade deficit by increasing exports from Pakistan, restoration of concessional yen-based loans and enhancement of annual grants to enhance the bilateral economic cooperation.

The seventh Japan-Pakistan High-level Economic Policy Dialogue was held here in virtual format. Japan advised Pakistan to upgrade its internal systems and quality of governance, as well as, business environment. The Pakistani delegation was led by Noor Ahmed, Secretary Ministry of Economic Affairs, whereas the Japanese delegation was led by Hiroshi Suzuki, senior deputy minister for foreign affairs, Japan. Ambassador of Pakistan to Japan, Imtiaz Ahmad and Ambassador of Japan to Pakistan, Kuninori Matsuda also attended the dialogue.

The meeting was also attended by the senior officers from the Ministries of Finance, Foreign Affairs, Commerce, Industries & Production, Overseas Pakistanis & HRD, Informational Technology & Telecommunication, National Food Security & Research, and Board of Investment. Both sides reviewed the current status of bilateral economic relations and reaffirmed their commitment to enhance mutually beneficial economic cooperation in diverse fields.

Japan acknowledged Pakistan’s geo-economic location with its connectivity potential and a hub for transit trade in the region as an attractive destination for Japanese investors.

In order to enhance the bilateral economic cooperation, specific discussions took place in economic areas to bridge the balance of trade deficit by increasing exports from Pakistan, restoration of concessional yen-based loans and enhancement of annual grants, measures to promote foreign direct investment, transfer of technology, value-addition, textile & leather, home electronics, agro-products & food processing, auto sector & electric vehicles, and joint ventures for Pakistan’s export-oriented industries.

Copyright Business Recorder, 2021

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