Measures discussed to enhance Pak-Korea trade

Joint research, direct interaction stressed for promotion.

KARACHI: Korea marks Karachi as priority destination for investment and business despite security concerns, said Republic of Korea Ambassador to Pakistan Jong Hwag Song.

While speaking during a meeting held at the Karachi Chamber of Commerce and Industry (KCCI), he said prominent Korean companies including Lotte PTA, Lotte Kolson, Hyundai Corporation and Ssangyong Engineering are stationed in Karachi, successfully conducting their business operations.

“Karachi, being the financial capital of Pakistan, contributes more than 65% to national revenue and plays a vital role in promoting trade and business ties with the rest of the world including Korea,” he said.

However, he pointed out that Korea-Pakistan trade volume has descended to $1.34 billion in 2013 as compared to $1.6 billion in 2012. “Korean exports to Pakistan have dropped by 3% while Pakistan’s export declined 33% — this is a matter of concern for all of us,” he stressed.

Commenting on narrow trade base between the two countries, the Ambassador underscored the need to broaden it by diversifying product lines of both countries through joint research based business forums, exchange of business delegations, and participation in each other’s exhibitions.

He informed that under a Memorandum of Understanding (MoU) between both governments, a private level joint research for exploring the possibilities of Free Trade Agreement (FTA) was also under way. The Korean envoy was fairly optimistic about the positive results of research that would pave way to improved trade volume in the years to come.

The envoy extended full support and assured that every possible facility will be provided to promote bilateral business.

Meanwhile, KCCI Businessmen Group Vice Chairman Anjum Nisar stressed the need to explore causes behind shrinking trade. He urged Korean investors to look for various potential sectors in Pakistan’s economy.

KCCI Senior Vice President Mohammad Ibrahim Kasumbi said both sides needed to identify weaknesses and devise a clear strategy, which must focus on trade and economic expansion.

“We need to find ways and means of enhancing trade ties between the two countries. In this regard, some of Pakistan’s potential sectors particularly the automobile, petrochemicals, and plastic offer immense investment opportunities and joint venture possibilities to Korean business community,” he added.

Published in The Express Tribune, November 29^th, 2014.

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