Pakistan being the sixth most populated country in the world is blessed with unprecedented human resources. The educated youth bulge particularly the skilled as well as non-skilled labor force of the country with tremendous energy and talent has become a great attraction for the foreign investors. According to Japan External Trade Organisation (JETRO), Pakistan is rated as the top Asian country for Japanese companies for expected profits in 2018, plans for expansion of operations and hiring of the local labour force.
Kazuyuki Yamazaki, Senior Deputy Foreign Minister of Japan during a recent meeting with Naeem Y Zamindar the Minister of State and Chairman, Board of Investment (BOI) pointed out that given Pakistan’s low labour cost and large and young population, it represents an attractive environment for Japanese investors. He underscored that there was potential for mutual cooperation between Japan and Pakistan. It was agreed that the forthcoming High Level Economic Policy Dialogue provides a good platform to continue the conversation on how to realise this potential. Chairman BOI on the occasion informed Yamazaki that Pakistan is aiming for a 9 per cent economic growth rate by 2020 and there was a general consensus across the political spectrum in Pakistan on achieving sustained economic growth.
Meanwhile, the Minister of State also met with Yasushi Akahoshi, President of Japan External Trade Organization (JETRO). Akahoshi, according to the report, apprised him of JETRO’s activities in promoting trade and investment cooperation between Japan and Pakistan and presented the results of JETRO survey of Japanese companies in Asia released this month.
In the survey, Pakistan was rated at the top in Asia by Japanese companies for expected profits in 2018, plans for expansion of operations and hiring of the local labor force. The highly encouraging results indicate Japanese companies’ confidence in future economic prospects of Pakistan and quality of labor force.
In light of JETRO survey, it is imperative that sincere efforts be made at national level to utilize energies of the young labour force positively besides making proper arrangements for skill development of the youth throughout the country. It is heartening to see that the government has launched a number of youth-centric skill development schemes/programmes to enhance their skills and abilities. But to ensure that quality education and proper training is impaired to aspirants in the training facilities provided by the government under different schemes, a check out procedure needs to put in place.
Large scale involvement of the youth in these schemes would ultimately yield positive results so far as the socio-economic development of the society is concerned. Besides providing a window of opportunity to tackle the challenges like poverty and unemployment a skilled, energetic and talented labour force available in abundance would be a great attraction for foreign investors.