ISLAMABAD (News Desk): President on Thursday said the country’s investment policy had been designed to provide a comprehensive framework for creating conducive business environment to attract Foreign Direct Investment. Talking to President of Japan’s renowned Morinaga Milk Industry Michio Miyahara here at the Aiwan-e-Sadr, the President said Pakistan had adopted a very liberal and investment-friendly policy, which was free from restrictions on remitting capital, profits and dividends.
The President said to ensure favorable business climate for investors, the Ease of Doing Business Reforms were also underway. He lauded Morinaga Japan for its investment of Rs 5.1 billion by setting up a manufacturing facility in collaboration ICI Pakistan to meet the nutritional needs of local as well as regional markets.
The President said the investment would help diversification of Japanese investment and would encourage other Japanese companies to invest in Pakistan. Morinaga Milk Industry Co. Ltd. was founded in 1917 as Nippon Rennyu Co., Ltd which was re-organized as Morinaga Milk Industry Co., Ltd in 1949 and has its head office in Tokyo, Japan. The company employs over 3,000 people and has a capital of 21,704 million yen (190 million US Dollar). The major business includes production and sale of milk, dairy-based beverages, yogurt, desserts, condensed milk, powdered milk, butter, cheese, ice cream and non-dairy beverages (juice, tea, coffee).
At present, Morinaga has joint ventures and subsidiaries in China, Germany, Holland, Indonesia, Singapore and USA. Meanwhile, Deputy Chief of Mission Embassy of Japan in Pakistan, Yusuke Shindo Thursday said that Pakistan could mount its economic growth by following the Japanese model, norms, and culture of education and development. Delivering a lecture here at Gateway Institute of Superior Services, Shindo said success of Japan was due to culture of hard work, honesty, sincerity, patience, high education standard, high quality work, high rate of savings, and loyalty of employers with their companies.
He said Pakistan was transforming from its stabilization period therefore the government should not worry about the devaluation of its rupee. Sharing the Japanese experience, he said that in 1971, the Japanese exchange rate was very high against dollar which was 360 JPY per dollar while after gaining momentum of high growth rate, the exchange rate gradually improved and today it was around 110 JPY per dollar. Shindo said in 1960s when Japan took loan from World Bank the exchange rate was very high and when it repaid the loans the exchange rate reduced by 40% which meant that Japan had to repay 40% less money.
Similarly, he said although Pakistan’s debt had increased due to devaluation but the government should focus on its development as the higher and stable economic growth could only help improving the exchange rate. He informed that harmony was the most important element of Japanese culture and Japanese people are friendly, unbiased, peaceful, caring, education lovers, and hardworking. Shindo said Japan govt was fully focused on the primary education to ensure 100% literacy rate in the country which was evident from the fact that back in 1972, Japan built over 24000 elementary schools in just three years. “In 1909 the enrollment rate in Japan was 98.1%”.
“In our culture education is even more important for Japanese then eating food,” he added. The of Mission also presented some videos and pictures of Japanese culture showing how the Japanese people love cleanliness and follow rules.