Pakistan seeks Korean investment in CPEC projects

PM aide proposes exclusive economic zone for Korean companies

ISLAMABAD: Adviser to Prime Minister on Commerce, Textile, Industries, Production and Investment Abdul Razak Dawood has urged South Korean companies to participate in China-Pakistan Economic Corridor (CPEC)-related projects and has also proposed the establishment of an exclusive economic zone for Korean companies as part of CPEC.

He invited Korean investors at the Pak-Korea CEO Forum held in Seoul where representatives of top Korean companies were present. Dawood headed a delegation of top players of the textile industry during the visit to South Korea. The visit has now concluded. Speaking at the forum, the PM adviser urged Korean companies to invest in Pakistan because of its improved global ranking in the Ease of Doing Business Index, which went up 11 points.

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Moreover, he said, Pakistan had launched a programme titled Regulatory Guillotine to improve business regulations in an attempt to attract investment into the country. Through this programme, two to three regulations were being scrapped every month to streamline business activities. He added that Pakistan government had taken various effective steps to improve trade procedures by establishing a better trade facilitation regime.

During the trip, the PM adviser also met his Korean counterpart and deliberated the challenges and opportunities in order to enhance bilateral cooperation in trade and investment.

He emphasised that there was enormous potential for bilateral trade and investment, which needed to be exploited by both countries.

The adviser also held meetings with heads of private-sector organisations in an effort to draw investment. In order to enhance bilateral trade, the PM aide offered the Early Harvest Programme to his Korean counterpart, which may lead to a free trade agreement (FTA) between the two countries.

He also asked his counterpart to hold a meeting of the Joint Trade Committee at the earliest in order to address the trade issues and facilitate trade. The Korean minister agreed to organise the meeting by the end of current year. The minister said big companies of South Korea were interested in investing in different projects of mutual interest, pertaining to manufacturing of technology equipment.

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“Businessmen are very much interested in making investment in Pakistan due to huge investment opportunities and intend to engage in constant interaction with the business community for better understanding of the investment regulatory regime in the country,” the Korean minister said.

Both sides agreed to remove trade and investment bottlenecks in order to enhance bilateral economic cooperation. South Korea will also send a buying mission of importers to Pakistan in coming months.

Published in The Express Tribune, August 4^th, 2019.

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