ISLAMABAD: Adviser to Prime Minister on Commerce Abdul Razak Dawood on Tuesday apprised the members of a Japanese delegation that the Auto Development Policy 2016-21 provided a uniformed and consistent policy framework for the development of auto industry in Pakistan, adding that the policy offered tremendous opportunities for investment in the auto sector.
The delegation of Japan International Cooperation Agency (JICA), headed by its Chief Representative Shigeki Furuta, had called on the PM’s adviser to deliberate upon technological advancements in the automobile and textile industries of Pakistan.
Dawood informed the delegation regarding technology-related investment opportunities in the entire value chain of the textile sector, saying that the textile manufacturers were using old technology that had made them uncompetitive in the global textile market.
“In this regard, the Japanese government should create a fund that can be used for the purchase of advanced machinery by Pakistani textile manufacturers,” he added.
He further emphasised that Pakistan had upgraded its investment and business environment owing to its improved global ranking in the ‘ease of doing business’ index.
“Pakistan has also launched a Regulatory Guillotine programme to ensure ease of business regulations. Through this programme, 2 to 3 regulations are removed every month.”
Dawood said that Pakistan had taken various measures to improve its trade procedures by establishing a better trade facilitation regime.
JICA chief representative Shigeki Furuta said on the occasion that the agency would help Pakistan develop its economy, keeping in mind the recent surge in investments in the country.
He said that JICA would assist Pakistan’s automobile industry in order to enhance its domestic production from the existing 200,000 cars by introducing new safety and environment-friendly features.
“JICA will also support the development of requisite regulations for the said new features, besides establishing an inspection infrastructure to test new and used vehicles,” he added.
During the meeting, both the sides discussed the business climate of the country and the supporting activities of Japanese automobile companies (Suzuki, Toyota and Honda) in Pakistan.
