Japan — the Land of the Rising Sun — is expected to invest $100 million (around ₨. 16.88 arab) in Pakistan’s automobile sector to launch hybrid vehicles.
This was revealed during a meeting between the Adviser to the Prime Minister on Commerce and Investment, Abdul Razak Dawood, and the Ambassador of Japan to Pakistan, Kuninori Matsuda, on Wednesday.
A press release of the meeting’s details has been disclosed by the Ministry of Commerce (MOC).
As per the details, the Japanese Ambassador revealed that Toyota Motor Corporation —a Japanese company that is one of the world’s leading automobile manufacturers— would invest $100 million to produce and export hybrid vehicles from Pakistan.
The Japanese Ambassador also extended an invitation to Dawood to visit Japan, which he accepted.
Meanwhile, both sides also discussed plans to bolster cooperation and organize economic forums between the South Asian and East Asian nations.
One of the other main subjects the two sides addressed was the potential Japanese funding for the up-gradation of specific sectors of infrastructure and facilities for various sectors, such as fisheries, salt, and food processing.
It is pertinent to note that the funding of the projects on behalf of the East Asian country in other countries is done by JICA (Japan International Cooperation Agency).
At the end of the discussion, Dawood remarked that the South Asian country is moving in the “right direction.”
He added that the authorities are now focusing on industrialization, productivity enhancement, and infrastructure up-gradation with the assistance of Japan.
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