Federal Minister for Commerce Jam Kamal Khan is set to embark on an official visit to South Korea to sign the Economic Partnership Agreement, marking a significant step towards enhancing bilateral economic cooperation.
During his visit, the minister will engage with key stakeholders, including the Pakistani business community in Korea, prominent Korean investors, Korean trade minister, and other high-ranking officials, according to a statement issued on Friday. In preparation for the trip, Khan received a briefing from the relevant government wings, outlining the objectives, challenges and opportunities.
Korea, which currently has a free trade agreement (FTA) with India, poses a competitive landscape for Pakistan. "However, the Economic Partnership Agreement is expected to not only double the trade volume but also pave the way for a potential shift of Korean manufacturing operations to Pakistan, thanks to the country's strategic location and lower production costs," the statement read. The visit includes a meeting with the International Economic Institute where the minister will discuss strategies to encourage Korean industries to start their offshore operations in Pakistan.
At present, Korea gives preference to countries like India and Vietnam for such ventures, but this visit is aimed at highlighting Pakistan as a viable alternative.
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