First agreement on the Malakand tunnel construction project was signed during a meeting between President Asif Ali Zardari and Export Import Bank of Korea Chairman Kim Yong-Hwan here. Under the agreement, the Korean government will provide $78 million for the project through the Economic Development Cooperation Fund.
The Malakand tunnel will not only provide a short route to the people of Dir, Malakand, Swat and adjacent localities, but will also provide easy access to markets of central Asian states.
The project, spread over 9.7 km, also includes approach roads on both sides of the tunnel and three bridges. Korean consultants, in collaboration with the National Highway Authority, which is also the executing agency, have completed initial feasibility study of the tunnel.
Speaking during the meeting, President Zardari said Pakistan and Korea should explore the true potential of trade and investment and take bilateral trade to new heights. He asked the business community to boost the trade volume from existing $1.5 billion to $2 billion in the next three years.
He said major Korean companies were doing business in Pakistan and had invested in key projects including chemical plants, energy, infrastructure and port facilities. He asked the companies to cash in on numerous opportunities and incentives for investment as Pakistan had opened all sectors of the economy.
Later, the president met with Korea Water Resources Corporation CEO Kim Keun-Ho. After the meeting, a memorandum of understanding was signed between the Korean company and Water and Power Development Authority (Wapda).
Under the MoU, both sides will work for sustainable development of the water and power sector and cooperate in flood control and building water resources including dams, hydropower plants and canals.
They will also exchange technical expertise, train engineers and technicians and conduct studies on operation and management of dams, hydropower plants, hydrology and sedimentation.
Published in The Express Tribune, December 6th, 2012.
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@Polpot: not to mention the indigenous troll technology from india...
@Asad: Indigenous Technology in Pakistan: Tyre Puncture Repairs & Roadside Bombs ++++++++++++++++++++++++++++++++++++++++++++++ I stand corrected !
@Polpot: you forgot toilet technology from infosh** india... oh wait they don't have any.
Correct Mr.President Asif Ali Zardari
Oh no Korea...don't do this ...it will go in their pockets..please don't.
Missile Technology from North Korea and Railway Technology from South Korea ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ Indigenous Technology in Pakistan: Bicycles.
@Fed Up Indian: You are one to talk ! I guess you forgot how the Indians used Canadian gifted aid in the form of a peaceful nuclear reactor and started an arms race in South Asia! Ever heard of Canadian aid in the form of the Candu reactor for India ?
Korea.. Please keep track of every cent you spend on this project. It is very likely that the money will end up in someone's overseas account.
Is this a grant or loan to Pakistan to build the tunnel?
In advanced return, Pakistan's establishment provided comprehensive nuclear know-how to North Korea which eventually allowed them to make nuclear weapons and keep the Korean Peninsula in perpetual jeopardy. Well done Pakistan.
Thank you South Korea for providing financial assistance to Government of Pakistan.