LAHORE

Ambassador of Korea to Pakistan Dr. Song Jong-Hwan has said that all out efforts were being made to enhance interaction between the business doing people of the two countries to increase the volume of two-way trade.

The Korean Ambassador was talking to the LCCI Acting President Mian Tariq Misbah. Korean Counsellor in Islamabad Park Jung-Ho, DG Korea Trade &  Investment Promotion Agency Sung Byung Hoon, former LCCI presidents Mian Muzaffar Ali, Irfan Qaiser Sheikh and former Senior Vice President Malik Tahir Javed also spoke while Executive Committee Member Mian Zahid Javed and former EC member Rehamtuall Javed were present on the occasion. The Ambassador said that a proper sector-specific strategy could identify the challenge coming in the way of bilateral trade between Pakistan and Korea. Korea wants to contribute to the economy of Pakistan by sharing trade-related information.

He was optimistic that the trade volume was bound to increase the government of both countries are taking measures to this regard. He said that the non-availability of required trade-related information was the biggest hurdle in the way of Korean investment in Pakistan. The diplomat while identifying a number of areas for mutual cooperation said that there was a need for expertise-sharing as both the countries have a lot to learn from each other. He urged the LCCI to arrange a business delegation to Korea so that Pakistani businessmen could have first hand knowledge about opportunities there.

Speaking on the occasion, the LCCI Acting President Mian Tariq Misbah said that South Korea has been an important trading partner of Pakistan in Eastern Asian region. It comes at 12th place among the top importing countries and at 17th place among the top exporting countries for Pakistan.

He said that total volume of trade between Pakistan and Korea was around USD 1.26 billion in 2013.

 It is good to see that both the countries are consistently maintaining it at above USD 1 billion.  Pakistan’s major exports to Korea are beverages & vinegar, cotton, raw hides and skins, copper, fish, salt, sulphur, oil seeds, fruits and sports goods etc.

Pakistan’s imports from Korea include ships & other floating structures, machinery, iron & steel, articles of plastic, electrical equipment, mineral fuels, organic chemicals, tanning & dyeing extracts, pharmaceutical products and a host of other items. Mian Tariq Misbah said that both countries have decades old economic relations and experienced good outcomes of joint ventures in various fields like telecommunications, electronics, chemical industry, automobiles industry and construction.

He said that Korean companies are also actively participating in infrastructure projects like highway construction and power generation etc. While calling for increase in Korean investment in Pakistan, the LCCI Acting President Mian Tariq Misbah said Pakistan is a large market, its strategic location as principal gateway to the Central Asian States and other regional countries offer lot of opportunities for relocation of Korean Industries in Pakistan.