Japan asked Pakistan on Thursday to allow imports of vehicle manufacturing equipment because the lingering dollar liquidity crisis has hampered the release of letters of credit (LCs) from Japanese companies operating in the country.

Japanese companies are also planning to establish plants in Pakistan to manufacture hybrid vehicles and to ensure future exports from Pakistan.

According to an official statement issued by the Ministry of Finance on Thursday, Ambassador Wada Mitsuhiro of Japan met with Federal Minister of Finance and Revenue Senator Ishaq Dar at the Finance Division. Toyota Co. Vice Chairman Shinji Yanagi, SAPM on Finance Tariq Bajwa, finance secretary, and senior officers were also present.

Finance Minister Ishaq Dar briefed him on the government's economic challenges and priorities. Dar went on to say that Japan is one of its major development partners, and that cooperation will be expanded in a variety of areas to the mutual benefit of both countries. He also highlighted potential investment opportunities in Pakistan and welcomed Japanese companies' plans to invest.

Ambassador of Japan Wada Mitsuhiro praised the government's pragmatic policies and actions, saying that Japan values its bilateral relations with Pakistan. He expressed confidence in the current government's economic policies.

Murthi shared her thoughts on the best human development practises being implemented in the region and expressed a desire to implement the same practises in Pakistan.

The finance minister informed the vice president of the government's policies and programmes aimed at lifting the masses and eliminating poverty in the country. He also expressed the government's commitment to working with the World Bank to achieve their common goal of sustainable development in Pakistan.