On his four-day visit to Japan, Foreign Minister Bilawal Bhutto-Zardari met with his counterpart Yoshimasa Hayashi to promote bilateral cooperation in investment, trade and information technology. Aligning ourselves with one of Asia’s leading economies will undoubtedly bode well for us, all the while providing an opportunity to strengthen the foundations of underrepresented sectors of the economy. It is good to see the Foreign Office tap into the potential this partnership holds, and the hope is that the government will be able to expand upon it.
Pakistan already supports strong ties with Japan, with the latter standing by us in times of need. Furthermore, there is already a pre-existing framework for economic collaboration through multiple initiatives like the Joint Business Dialogue. This recurring interaction between the two countries has set the standard for bridging the interests of businesses and the state, with the ultimate objective of encouraging economic diplomacy. More than that, Japan has dominated the automobile industry in Pakistan by exporting cards worth $551 million in 2021 alone. It further established a Toyota unit for production of hybrid vehicles for the first time in Pakistan. In return, Pakistan has been exporting petroleum and cotton, making this trade exchange worth at least $2.35 billion.
It is essential that we now focus on additional sectors that not only have shown immense promise in Pakistan, but will prove to be an asset for the international community as well. Information and communication technology (ICT) has gained traction in Pakistan, along with the IT sector. The country exports services worth millions and could stand from investment and partnerships with Japanese counterparts that have more knowledge and expertise. More than that, opening up a line of exchange for green technology can be immensely beneficial, especially if it comes from one of the technology hubs of the world. Already, the government of Japan provided grants for the solarisation of schools in KP. Such projects can be expanded upon as we not only import more technology, but learn how to shape our local market according to it. Very soon, we could be manufacturing our own with some development of the population’s skillset.
The key takeaway here is that we finally have the energy to focus on economic partnerships now that the immediate hurdle of securing the IMF deal is out of the way. This economic alliance is a way through which we can encourage growth. Verbal commitment is the first step, the government must now act upon this and achieve tangible outcomes.