ISLAMABAD: Pakistan and Japan have held talks on improving bilateral trade and investment and expanding cooperation in key sectors, Pakistan’s Press Information Department said on Saturday.

Both countries held the 8th Pakistan–Japan Government–Business Joint Dialogue and the Pakistan Business Forum in Tokyo on Friday, marking the first convening of the dialogue in the Japanese capital since Dec. 2018.

The dialogue was co-chaired by Prime Minister Shehbaz Sharif’s aide on commerce Rana Ihsaan Afzal Khan and Takuo Komori, Japan’s parliamentary vice-minister of economy, trade and industry, according to the PID.

The two sides exchanged views on strengthening bilateral economic relations, with a focus on improving the trade and investment environment and advancing practical cooperation.

“The Pakistani side outlined Pakistan’s economic priorities and highlighted opportunities for collaboration in sectors such as minerals and mining, agricultural and agri-food products, and information technology,” the PID said in a statement.

“The Japanese side shared perspectives on the operating environment for Japanese companies in Pakistan and discussed areas where continued engagement and follow-up could further facilitate business activity.”

Pakistan steps up economic diplomacy to expand trade ties and attract foreign capital after emerging from a prolonged financial crisis that nearly pushed it into default in mid-2023. Islamabad has since set up the Special Investment Facilitation Council (SIFC), a civil-military body designed to cut red tape and provide a one-window operation for businesses, as it navigates a long path to economic recovery under a $7 billion International Monetary Fund (IMF) program.

Pakistan and Japan established diplomatic and economic relations in 1952. Since then, Japan has been a major development partner, financing infrastructure such as roads, power plants and water systems, while extending technical assistance and yen loans.

The Pakistan–Japan Government–Business Joint Dialogue brought together senior officials and private-sector representatives from both countries, including members of the Pakistan–Japan Business Forum (PJBF) and the Japan–Pakistan Business Co-operation Committee (JPBCC).

Participants reaffirmed the importance of sustained government-to-government engagement, supported by close coordination with the private sector, to advance mutually beneficial economic cooperation between Pakistan and Japan, according to the statement.

Following the Joint Dialogue, the Pakistan Business Forum, co-organized by the Embassy of Pakistan in Tokyo and the Japan External Trade Organization (JETRO), was held in Tokyo that was attended by Japanese and Pakistani business leaders.

The Forum featured selected sectoral presentations highlighting practical cooperation between Japanese and Pakistani partners. It included a presentation by the Trade and Investment Counsellor of the Embassy of Pakistan in Tokyo on “From Trade to Investment: Building Japan–Pakistan Joint Value Chains.”

“The Forum concluded with closing remarks by Mr. Abdul Hameed, Ambassador of Pakistan to Japan, who highlighted the importance of sustained engagement, trust-building, and long-term partnership in advancing Pakistan–Japan economic cooperation,” the PID added.