ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday met with a delegation of Japanese industrialists in Islamabad and urged them to invest in Pakistan’s electric automotive industry, Sharif’s office said, amid country’s push to attract foreign investment.

The delegation, led by Japan’s Ambassador to Pakistan Wada Mitsuhiro, met the prime minister to discuss various opportunities in Pakistan, according to PM Sharif’s office.

The Pakistan premier noted that Japan and Pakistan were longstanding friends and the two countries should further promote trade and investment ties in various sectors.

“There is a wide potential for investment in the electric vehicle industry in Pakistan and Japanese companies with the best technology can take full advantage of it,” Sharif was quoted as saying by his office.

“All problems faced by Japanese industrialists and businessmen will be overcome together.”

He noted that his government had formed a committee to resolve the issues faced by Japanese companies, who were expanding their businesses in Pakistan.

During the meeting, the Japanese ambassador informed the prime minister about the arrival of a delegation of 20 well-known Japanese companies to Pakistan in July, which would prove to be an important milestone for the promotion of investment and trade between the two countries.

“The delegation informed the Prime Minister that Japanese companies have started local production of hybrid vehicles in Pakistan,” Sharif’s office said. “The Prime Minister welcomed this move.”

The development comes amid Pakistan’s efforts to attract foreign investment to keep the frail $350 billion South Asian economy afloat.

The cash-strapped nation last month completed its $3 billion International Monetary Fund (IMF) program which helped avert a default last year, but the government of PM Sharif has stressed the need for a fresh, longer-term program.

Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.

KARACHI: Pakistan is expecting investment from a Denmark-based global shipping giant, AP Moller–Maersk (Maersk), in its port terminal and infrastructure, the Pakistani maritime affairs minister said on Tuesday, amid growing global interest in Pakistani ports.

The statement comes more than a week after Maersk Chief Executive Officer Keith Svendsen’s visit to Pakistan, where he met top officials to explore opportunities in Pakistan’s maritime sector.

Maritime Affairs Minister Qaiser Ahmed Sheikh told Arab News the Danish shipping firm was interested in investing in a terminal and port as well as allied infrastructure, including connecting bridges.

“We had very good discussions with them and they had shown eagerness and told us that they will submit proposal in a few days,” he said. “They want to take a terminal. There is some area where there is depth in the sea, where big ships can be anchored.”

Maersk has grown into a leading provider of logistics and supply-chain services across Pakistan. It has around 20 percent market share in Pakistan’s containerized import-export activities, according to Pakistan’s information ministry.

In January, the Danish shipping firm announced new smart logistics and warehouse facilities in China, Norway and Pakistan.

“With a vast network of warehousing and depot facilities across the country, including our flagship logistics hub in Port Qasim, Karachi — a sprawling 27-acre complex encompassing over 650,000 square feet of warehouse space — we ensure unparalleled support to Pakistani exporters and importers,” the shipping company said in a written response to Arab News.

“In total, Maersk now operates over a 1.5 million square feet footprint across 7 cities in Pakistan.”

Sheikh said many companies were interested in investing in the Karachi Port Trust (KPT) despite a limited space available there.

“We have limited space available in KPT and many, including foreign, companies are taking interest in it, particularly in the deep-water areas where water depth is high and we have the location,” he said.

“The point is that there is a lot of interest in Pakistan’s port right now because they are seeing this as a global hub for transshipment and they will also run the feeder vessels in the Gulf from here.”

To a question about a visiting Saudi delegation, the maritime affairs minister said “there are many breakthroughs” during the visit. “They are looking for areas of mutual interest which both sides can benefit from,” he added.

The South Asian nation has already signed an agreement with Abu Dhabi (AD) Ports Group which is investing about $395 million for the development of a container and cargo terminal under a government-to-government (G2G) agreement between the United Arab Emirates and Pakistan.