The 7th Japan-Pakistan High-level Economic Policy Dialogue was held on 19th March, 2021 in Islamabad in virtual format. The Pakistani delegation was led by Mr. Noor Ahmed, Secretary, Ministry of Economic Affairs, whereas the Japanese delegation was led by Mr. Hiroshi Suzuki, Senior Deputy Minister for Foreign Affairs, Japan.

JAPAN AND PAKISTAN AGREE TO ENHANCE BILATERAL ECONOMIC COOPERATION
Islamabad: March 19, 2021

The 7th Japan-Pakistan High-level Economic Policy Dialogue was held today in Islamabad in virtual format. The Pakistani delegation was led by Mr. Noor Ahmed, Secretary, Ministry of Economic Affairs, whereas the Japanese delegation was led by Mr. Hiroshi Suzuki, Senior Deputy Minister for Foreign Affairs, Japan. Ambassador of Pakistan to Japan, Mr. Imtiaz Ahmad and Ambassador of Japan to Pakistan, Mr. 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. In the field of investment cooperation, Pakistan proposed to Japan to take advantage of opportunities in its investor-friendly Special Economic Zones and even offered a country specific economic zone for Japanese investors. With regard to human resource cooperation, both sides recognized the existence of immense potential in export of skilled and semi-skilled manpower to Japan. Japan was keen to utilize Pakistan’s highly qualified ICT experts in win-win cooperation for both countries. Secretary, Economic Affairs highlighted that the economic cooperation between the two sides commenced in 1952 and has ever since been growing and expanding, and both countries have enjoyed a high level of mutual respect, friendship, peace and stability. He also expressed that the Government of Pakistan acknowledges and highly appreciates the cooperation extended by Japan in the areas of socio-economic infrastructure, security and stability, urban services like clean water access, water distribution networks and upgradation of sewerage systems, education and health, and also for the assistance provided by Japan to combat socio-economic challenges posed by COVID-19. Mr. Suzuki Hiroshi reiterated long-term commitment and friendship between the two countries, and also acknowledged and appreciated the support of Pakistani community during the worst tsunami and earthquakes in Japan during the year 2011. He advised Pakistan to upgrade its internal systems and quality of governance, as well as, business environment. Japanese side appreciated the reforms agenda of the Government of Pakistan and assured of their full support in better fiscal management, socio-economic development and making Pakistan self-sufficient. Mr. Suzuki Hiroshi assured to work in close cooperation with Pakistan towards further enhancing the potential of economic cooperation to new levels. Both sides resolved to work together in giving concrete shape to the various proposals discussed during the Dialogue.