Ambassador of Republic of Korea in Pakistan Dr Song Jong-Hwan on Thursday said that adequate efforts were being made to further enhance business cooperation in all areas between the South Korea and Pakistan. Special attention has been focused on mutual interests to initiate private level joint research for exploring the possibilities of bilateral Free Trade Agreement (FTA) between the two countries.

Korean Ambassador Dr Song Jong-Hwan stated this while addressing an important meeting of Sialkot business community at Sialkot Chamber of Commerce and Industry (SCCI) here today. SCCI President Dr Sarfraz Bashir and Senior Vice President Mian Muhammad Anwar were also present on the occasion.

The Korean Ambassador said that his country would continue supporting Pakistan’s energy sector and economic development, pledging all out sincere efforts to boost mutual trade ties between Pakistan and Korea.

He stressed the need of further strengthening mutual trade ties and bilateral trade between the two countries, saying that Korea was keen to enhance mutual trade volume in favour of Pakistan. He said that the Pakistan was a trustworthy economy partner and various Korean companies were interested to invest in Pakistan especially in hydel power generation projects and technology up-gradation sectors.

Dr Song Jong-Hwan termed that the Pakistan government’s economic development-oriented policies were very positive, business-friendly and result-oriented, adding that continuity of these policies would also help to attract maximum foreign investment to Pakistan.

He said that there were bright opportunities to set up several joint ventures between Sialkot and Korean businessmen in different trade fields, saying that the Sialkot exporters should come forward and explore trade markets by exporting their diversified traditional and non-traditional export products to Korea.

He praised the Sialkot for producing Brazuca football for FIFA Foot Ball World Cup 2014 being played in Brazil.

On the occasion, SCCI President Dr Sarfraz Bashir said that Pakistan and Korea enjoyed friendly relations since the two countries established diplomatic relationship. The two countries have been cooperating and coordinating their efforts under the international society including UN to promote mutual interests, he added.

He said that many Korean companies were taking advantage of the attractive investment and commercial opportunities and had undertaken business activities including infrastructure development projects in Pakistan.

Dr Sarfraz Bashir said that bilateral trade between two countries in 2013 was $1,260 million, showing improvement on the trade volume of $1,100 million in 2012. The potential is much more requiring concerted efforts from both sides.

The SCCI president narrated that Pakistan’s rich natural resources and good quality manpower, if combined with Korea’s advanced technical knowhow, technological advancement and its experience in the economic development would bring forth good results for expanding substantial cooperative relations in every sector.