ISLAMABAD: Mitsui & Co expressed intention to invest big in Pakistan’s fisheries sector, as Japan wants a bigger investment footprint in Pakistan.
[the_ad id=”31605″]Executive Vice President and Chief Operating Officer (COO) of Japanese company Mitsui, Mori Moto, alongwith other representatives of the company called on the Advisor to Prime Minister on Commerce, Textile, Industries & Production and Investment, Abdul Razak Dawood here on Monday at the Ministry of Commerce, Press Information Department (PID) reported.
Mori Moto expressed interest in exports of fisheries specially shrimps from Pakistan to the rest of the world. Moreover, the multinational corporation offered its support in developing systems to upgrade Pakistan’s fisheries related ports infrastructure and its efficient handling.
Mitsui & Co. is one of the largest (general trading companies) in Japan; it is part of the Mitsui Group, and its business area covers energy, machinery, chemicals, food, textile, logistics and finance etc. Previously, Mitsui & Co Ltd, expanded its presence in the gas-value-chain business in Pakistan and entered into a joint venture (JV) agreement, worth $310 million, with the Singapore-based BW Group.
The Japanese company acquired 49% stakes in it to jointly own a Floating Storage and Re-gasification Unit (FSRU), located at Bin Qasim Port, Karachi.
Advisor to the PM said government will welcome investments in various sectors of economy especially in energy, machinery, chemicals, food, textile, logistics and finance.
The advisor encouraged the company to replicate the ‘SME handholding model’ of Japan where Leading firms support the growth of SMEs by engaging them more as their suppliers.
Despite year after year increase in the fish production and export, tremendously low progress of production growth rate was noticed in Pakistan compared to other developing countries.
Inland aquaculture production is increasing rapidly beyond marine aquaculture. On the contrary, there is no existence of mariculture practices yet to support marine production and export along the coast of Pakistan, indicating enormous importance for future opportunities and national economic growth.