Trade potential between Pakistan, South Korea

Published: December 12, 2018

RAWALPINDI: South Korea is an East Asian country located in the North Temperate Zone with prevailing mountainous range. The country’s imports from Pakistan are estimated at $400 million and exports to Pakistan at about $800 million. South Korea is the 7th largest exporter and 10th largest importer in the world despite its stubby natural resources.

In reviving the economy of South Korea, livestock played a key role after industrialisation. The production and consumption of meat increased with the development stages influencing economy.

In order to meet the demands of beef production, South Korea imports livestock products from the US, Canada and Europe which are comparatively too far from South Korea than Pakistan where the production of meat is excess and easily available at lower rates while the costs of Europe and US products are much higher. Pakistan needs International Food Security Certificate to export their livestock products to Korea although it is a prerequisite that Pakistan which has many food companies, meet the international standards.

It is an opportunity for Pakistan to sign trade deals with South Korea for increment in imports and exports of livestock sector. Both the nations can deplete the growth deficit in meat production. Pakistan should export feed stuff with high nutritional value to South Korea rather than to those countries where it has to pay heavy taxes. Moreover, Pakistan should export the semen of Sahiwal, Cholistani and Red Sindhi cattle for crossing-over for reproduction at very rapid rate in South Korea to deal with the food shortage problems. There should be coordination between the governments of both countries to decrease the disease factor. In March 2018, an agreement was signed between Pakistan and South Korea according to which, Pakistan will export its labour to South Korea related to development in many fields including livestock. Pakistani must make use of the trade potential between the two countries.

Ammar Saleem

Published in The Express Tribune, December 12th, 2018.

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Reader Comments (1)

  • Avtar
    Dec 13, 2018 - 5:36AM

    Low cost meat or poultry products will help Pakistan boost its exports. You can also add vegetables to your exports. It is difficult to find vegetarian food in South Korea.Recommend

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