ISLAMABAD: Ambassador of Japan in Pakistan, Hiroshi Inomata, said that Japanese companies were taking great interest in Pakistan to invest in various sectors including energy and consumers goods.

Inomata, while addressing the business community at Islamabad Chamber of Commerce and Industry said that Pakistan needs to further improve its business environment by addressing issues like power shortage, infrastructure and security situation to attract more Japanese investment.

He said considering the size of both economies, Pakistan and Japan have good potential to further expand bilateral trade and Japan was trying to have broader economic relations with Pakistan. He said Japan was extending cooperation to Pakistan in health, education and other sectors and will continue to support Pakistan in its economic development.

While addressing the Islamabad Chamber of Commerce and Industry, President Muzzamil Hussain Sabri said that bilateral trade of around US$2 billion between Pakistan and Japan was not up to the real potential with trade balance in favor of Japan. He said Pakistan and Japan should focus on finalizing a free trade agreement and encourage frequent exchange of trade delegations that would greatly help in increasing the bilateral trade.

He said Pakistan had allowed Japan to set up a Special Economic Zone and Textile City in Karachi under concessionary package and urged that Japanese companies should enhance investment in these projects. He appreciated the Japan’s interest in the Karachi Circular Railway and underground metro projects in Lahore and Karachi, he stressed that Pakistan should extend all possible assistance to Japanese investors so that they could contribute in upgrading transportation system of Pakistan according to modern needs.