Over $1.6b deficit in trade with Japan
November 08, 2012
LAHORE – Pakistan’s exports to Japan were recorded at $206 million while the imports were registered at $1.86 billion, facing a deficit of over $1.6 billion in last fiscal year’s total trade with Japan.
Major exports of Pakistan to Japan consist of cotton yarn, petroleum products, woven cotton fabric, vegetables, electro medical apparatus, leather, leather garments, carpets and sports goods etc. While, the main imports from Japan are cars, vessels & other floating structures, products of iron, trucks, parts & accessories of motor vehicles, textile machinery and etc.
The business community has called for an altogether new country-specific strategy to showcase to the outer world the investment opportunities available in Pakistan and to highlight the strength of economy and country’s strategic location.
This was stated by LCCI Senior Vice President Irfan Iqbal Sheikh and Vice President Mian Abuzar Shad while talking to newly-appointed Ambassador-designate to Japan Farukh Amil who called on them before leaving for Japan to take charge of his new assignment.
They informed the Ambassador-designate that identification of new areas of cooperation and dissemination of trade-related information in an expedited way are the areas need to be focused on priority basis.
They said that the commercial sections of all the embassies abroad would have to play an active role for giving much-needed quantum jump to Pakistan’s exports.
“Commercial Section should keep itself abreast of the demand of the Japanese for imported goods and to get engaged with Japanese business circles.”
Pakistan’s Embassy should have complete knowledge of export potential of Pakistan, which should be shared with Japanese businessmen and investors.
The Ambassador-designate to Japan Farukh Amil, speaking on the occasion, thanked the LCCI office-bearers for updating on the issues coming in the way of Pak-Japan trade. He said that he would be doing his best to motivate the Japanese investors for investment in Pakistan or joint ventures with Pakistani businessmen.
Active engagement of the business community, exchange of trade delegations, exhibitions of products and socio-cultural programmes in each other’s country can be very helpful. They said that so far around 64 Japanese companies are operating in Pakistan against 100 in India.
Courtesy: The NATION