South Korea asked to end discrimination in trade
LCCI highlights huge scope for expanding trade, economic ties
LCCI highlights huge scope for expanding trade, economic ties. PHOTO: FILE
LAHORE:
Lahore Chamber of Commerce and Industry (LCCI) Vice President Fahimur Rehman Sehgal has underlined the huge scope for boosting trade and economic ties between Pakistan and South Korea.
“Private sectors of the two countries should establish close contacts and form joint ventures to take benefit of huge trade and investment opportunities,” he said, according to a statement released on Friday.
Talking to a top businessman of South Korea, Jong Woo Lee, at the chamber, the LCCI vice president emphasised that governments of both countries should remove lacunas hindering the growth of bilateral trade. Citing an example, Sehgal said 13% and 0.5% duty had been imposed by Korea on the import of gloves and leather respectively from Pakistan while there was no duty on the import of same goods from India, Vietnam, Bangladesh and Indonesia.
He called for addressing the discrimination which could help boost trade between Pakistan and South Korea.
Sehgal suggested that bilateral trade should be given a new boost through joint ventures between private sectors of the two countries. “Trade and economic cooperation should be enhanced as both countries are potential markets and have the ability and resources to meet each other’s needs,” he said.
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“The way different Korean companies are achieving success in Pakistan, the day is not far when Korea will outclass other countries in terms of foreign direct investment.” He pointed out that Pakistan was ready to facilitate new Korean companies in studying market conditions, adding that Korea had already declared Pakistan as a priority destination for investment and business.
The LCCI VP said considering the size of Korean economy, which was one of the trillion-dollar economies in the world and also ranked amongst 20 largest economies, Pakistan could benefit by way of developing trade and economic relations with Korea.
China says US trying to force it to submit on trade as new tariffs kick in
“The quickest way to achieve the desired objective is to highlight the need for diversifying product lines of both countries through mobilising business forums, exchanging business delegations and participating in each other’s exhibitions,” he said.
Published in The Express Tribune, November 3rd, 2018.
Lahore Chamber of Commerce and Industry (LCCI) Vice President Fahimur Rehman Sehgal has underlined the huge scope for boosting trade and economic ties between Pakistan and South Korea.
“Private sectors of the two countries should establish close contacts and form joint ventures to take benefit of huge trade and investment opportunities,” he said, according to a statement released on Friday.
Talking to a top businessman of South Korea, Jong Woo Lee, at the chamber, the LCCI vice president emphasised that governments of both countries should remove lacunas hindering the growth of bilateral trade. Citing an example, Sehgal said 13% and 0.5% duty had been imposed by Korea on the import of gloves and leather respectively from Pakistan while there was no duty on the import of same goods from India, Vietnam, Bangladesh and Indonesia.
He called for addressing the discrimination which could help boost trade between Pakistan and South Korea.
Sehgal suggested that bilateral trade should be given a new boost through joint ventures between private sectors of the two countries. “Trade and economic cooperation should be enhanced as both countries are potential markets and have the ability and resources to meet each other’s needs,” he said.
‘Fourth industrial revolution to reshape govt, trade and health’
“The way different Korean companies are achieving success in Pakistan, the day is not far when Korea will outclass other countries in terms of foreign direct investment.” He pointed out that Pakistan was ready to facilitate new Korean companies in studying market conditions, adding that Korea had already declared Pakistan as a priority destination for investment and business.
The LCCI VP said considering the size of Korean economy, which was one of the trillion-dollar economies in the world and also ranked amongst 20 largest economies, Pakistan could benefit by way of developing trade and economic relations with Korea.
China says US trying to force it to submit on trade as new tariffs kick in
“The quickest way to achieve the desired objective is to highlight the need for diversifying product lines of both countries through mobilising business forums, exchanging business delegations and participating in each other’s exhibitions,” he said.
Published in The Express Tribune, November 3rd, 2018.