Lack of trade information hampers foreign investment. PHOTO:FILE
LAHORE: South Korean Ambassador Song Jong-Hwan has said Seoul wants to contribute to Pakistan’s economy by sharing trade information and expressed optimism that ties will deepen as both governments are taking required measures.
“Lack of required trade-related information is the biggest hurdle in the way of Korean investment in Pakistan,” he remarked while speaking during a visit to the Lahore Chamber of Commerce and Industry (LCCI) on Thursday.
The ambassador said all-out efforts were being made to enhance interaction between business-doing people of the two countries to increase trade volume. A proper sector-specific strategy could identify the challenges coming in the way of trade, he said.
Highlighting a number of areas for mutual cooperation, the ambassador underscored the need for sharing expertise as both countries had a lot to learn from each other.
He asked the LCCI to form a business delegation for a trip to Korea so that they could gain first-hand knowledge of opportunities there.
Speaking on the occasion, LCCI Acting President Mian Tariq Misbah said South Korea had been an important trade partner of Pakistan in the East Asia region. It stood at the 12th place among countries importing goods from Pakistan and at 17th among countries exporting products to Pakistan.
Total trade between Pakistan and Korea was around $1.26 billion in 2013. “It is good to see that both are consistently keeping the trade level above $1 billion,” Misbah said.
Pakistan’s major exports to Korea are beverages and vinegar, cotton, raw hides and skins, copper, fish, salt, sulphur, oilseeds, fruits and sports goods. Its imports from Korea include ships and other floating structures, machinery, iron and steel, articles of plastic, electrical equipment, mineral fuels, organic chemicals, tanning and dyeing extracts, pharmaceutical products and a host of other items.
Considering the size of the Korean economy, which runs into trillions of dollars, there was still a lot of room to expand trade and investment ties between the two countries, Misbah suggested.
With joint efforts of public and private-sector organisations, the volume of commerce could be doubled, he said.
Published in The Express Tribune, June 20th, 2014.
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S Korea is no different than any other country - they want to sell their goods in Pakistan. Trade however connotes that your exchanging goods and Pakistan is pretty much limited to textiles which has stiff competition. Selling vinegar and hides maybe better than selling nothing but it's never going to amt to something of consequence. In short - Pakistan needs to expand it's production base and that requires foreign capital which isn't going to happen until security issues are fixed and a judicial system is put in place that the outside World has faith in.
We should focus our trade increase with South Korea, it is an important step to having greater trade ties between both countries (Pakistan and South Korea).