Pakistan and Korea trade bodies sign MoU
With Korean imports at $500b, the MoU will help promote export industries
With Korean imports at $500b, the MoU will help promote export industries. PHOTO: FILE
ISLAMABAD:
The Islamabad Chamber of Commerce and Industry (ICCI) and the Korea Importers Association (KOIMA) on Friday signed a memorandum of understanding (MoU) to promote trade cooperation between Pakistan and South Korea.
ICCI President Atif Ikram Sheikh and KOIMA Chairman Taeyong Thomas Shin signed the MoU. Federal Commerce Minister Khurram Dastgir Khan and Korea Ambassador Jong Hwan Song were also present.
Pakistan-Korea: Countries reach consensus on FTA
Under the MoU, both sides agreed to work for developing business linkages and cooperation among entrepreneurs of the two countries to explore new avenues of business matchmaking and mutual collaboration.
They will take measures to foster friendship and understanding between private sectors of both countries with an aim to promote two-way trade, investment, technology transfer and joint ventures and encourage participation of entrepreneurs in the other country’s exhibitions.
Speaking on the occasion, the commerce minister said South Korea had a lot to offer to Pakistan in terms of trade facilitation and investment and hoped that the signing of the MoU would be helpful in increasing bilateral trade.
South Korea to spend $500m on development projects in Pakistan
“The government appreciates and encourages trade and investment relationships among business communities of various countries, which is a good omen for promoting business activities.”
The ambassador of Korea said absence of a free trade agreement and lack of proper understanding among trade bodies of the two countries were the major reasons for bilateral trade lagging behind its true potential.
However, he said the MoU would hopefully facilitate cooperation between the business communities leading to a better growth in bilateral trade. The ICCI chief said being a developed country, Korea could help Pakistan improve its economy. He said Korea’s annual imports were about $500 billion and the MoU would help Pakistani businessmen in exploring new opportunities for promoting trade.
Focus on education: Enhanced ties with South Korea stressed
The KOIMA chairman said 8,500 importers in Korea were members of the association and the MoU of cooperation would enable them to enhance imports from Pakistan as prices of many products could be quite competitive.
Earlier, KOIMA had expressed its willingness to import copper from Pakistan.
Published in The Express Tribune, November 7th, 2015.
The Islamabad Chamber of Commerce and Industry (ICCI) and the Korea Importers Association (KOIMA) on Friday signed a memorandum of understanding (MoU) to promote trade cooperation between Pakistan and South Korea.
ICCI President Atif Ikram Sheikh and KOIMA Chairman Taeyong Thomas Shin signed the MoU. Federal Commerce Minister Khurram Dastgir Khan and Korea Ambassador Jong Hwan Song were also present.
Pakistan-Korea: Countries reach consensus on FTA
Under the MoU, both sides agreed to work for developing business linkages and cooperation among entrepreneurs of the two countries to explore new avenues of business matchmaking and mutual collaboration.
They will take measures to foster friendship and understanding between private sectors of both countries with an aim to promote two-way trade, investment, technology transfer and joint ventures and encourage participation of entrepreneurs in the other country’s exhibitions.
Speaking on the occasion, the commerce minister said South Korea had a lot to offer to Pakistan in terms of trade facilitation and investment and hoped that the signing of the MoU would be helpful in increasing bilateral trade.
South Korea to spend $500m on development projects in Pakistan
“The government appreciates and encourages trade and investment relationships among business communities of various countries, which is a good omen for promoting business activities.”
The ambassador of Korea said absence of a free trade agreement and lack of proper understanding among trade bodies of the two countries were the major reasons for bilateral trade lagging behind its true potential.
However, he said the MoU would hopefully facilitate cooperation between the business communities leading to a better growth in bilateral trade. The ICCI chief said being a developed country, Korea could help Pakistan improve its economy. He said Korea’s annual imports were about $500 billion and the MoU would help Pakistani businessmen in exploring new opportunities for promoting trade.
Focus on education: Enhanced ties with South Korea stressed
The KOIMA chairman said 8,500 importers in Korea were members of the association and the MoU of cooperation would enable them to enhance imports from Pakistan as prices of many products could be quite competitive.
Earlier, KOIMA had expressed its willingness to import copper from Pakistan.
Published in The Express Tribune, November 7th, 2015.