FAISALABAD: Marking Pakistan as a priority destination for investment and business, Ambassador of Republic of South Korea Dr Song Jong Hwan has expressed optimism over future economic trade relations between the two countries.
“Trade ties will deepen as both governments are taking the required measures,” he said while speaking at a meeting with the industrialists and exporters of Faisalabad on Friday.
The Korean ambassador noted that both countries not only have cordial relations but leading trade partners as well.
“Since the last two years, this trade partnership, after touching the two-way trade volume $1.6 billion in 2012, has witnessed a downward slide to $1.3 billion in 2013 and further to $1.17 billion in 2014,” he informed.
Exports from Korea decreased 3% in 2013 and 6% in 2014. while exports from Pakistan decreased 33% in 2013 and further slipped 23% in 2014.
“It is a matter of serious concern,” he said. “We must collaborate to increase trade volume as Pakistan is the fourth largest quality cotton growing and eighth largest textile exporter country while Korea is producing the best textile machinery,” he added.
Commenting on the 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 added that the lack of required trade-related information is the biggest hurdle in the way of Korean investment in Pakistan and all-out efforts are being made to enhance interaction between business-doing people of the two countries to increase trade volume.
Pakistan Textile Exporters Association Chairman Sohail Pasha, expressing concern over low trade between the two countries, stressed the need to explore causes, identify the weaknesses and accordingly 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,” he said.
Published in The Express Tribune, March 21st, 2015.