Monday, September 10, 2012

Japanese Auto Giants Unhappy with People's Party Lawmakers

An official from embassy of Japan told media in Pakistan that its government is no longer considering investment in major hydroelectric projects such as Diamer-Bhasha dam and revival of Karachi Circular Railway (KCR) because of financial constraints.

Pointing out inconsistencies in policies of Pakistan People's Party government, he said: “This takes Pakistan out of the scope of Japanese companies.”

He added that Japanese firms working in Pakistan are facing a “lot of problems” and the Board of Investment (BOI), which should act as a facilitator for foreign investors, “has no action plan”.

 The embassy, he said, was receiving complaints from Japanese companies working in Pakistan regarding “absence of any appropriate auto policy, macroeconomic instability, power shortages and recent ban on CNG kits. This has deeper impact on the economic health of companies”.

 Despite difficulties, he believed, there was a huge potential to attract foreign investment. “High-skill labour force and growing market is a favourable factor. Similarly, Pakistan has geographical advantage, as it is located on crossroads to India, Afghanistan, Central Asia and the Gulf.”

 He said that the government of Japan will soon send business mission to visit Pakistan from October 6-11, to coincide with Expo Pakistan in Karachi. “This Business Mission will include (representatives of) Japanese companies interested in investing in Pakistan. The objective is to address concerns of companies regarding security, infrastructure, economic policy consistency and lack of marketing.”

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