20000130

Japan wants to boost

trade with Pakistan: envoy

RECORDER REPORT

KARACHI: Takahashi Hiroaki, First Secretary, Embassy of Japan has said that his country is very much anxious to strengthen its existing economic relations with Pakistan in order to further promote Japanese investment in the country.

He said this while holding a meeting with the KSE Chairman, Arif Habib at the exchange on Saturday.

Takahashi appreciated the progress made by the KSE. He said the government of Japan had been requested to send a high level business and investment delegation which would shortly be visiting Pakistan to consider the possibility of further investment. In this connection, he referred to the direct investments being made by Japanese entrepreneurs in various industrial projects in chemical, automobiles, tin plates and textiles.

Earlier Arif Habib welcomed the guest and explained him the existing market conditions.

He referred to various factors responsible for deteriorating market conditions during the last few years. He specifically referred to the issue of IPPs controversy followed by detonations of nuclear devices resulting in economic sanctions by some major countries and freezing of foreign currency accounts by the government of Pakistan.

However there has been a steady improvement in the market conditions which is reflected by the recovery of KSE index by over 100 percent from its lowest of 765.

He also indicated the improved confidence of investors in the local capital market which was proved by the fact that the local investors had absorbed about 700,000 million dollars investment, made by the foreign investors.

Takahashi was accompanied by Nroiko Sato, Special Assistant, Consulate General of Japan at Karachi

The meeting was also attended by Saleem Chamdia, Shahid Ghaffar and Muhammad Yaqoob Memon.