South Korean Ambassador to Pakistan, Choongjoo Choi expressed resolve to contribute to Pakistan’s economy. While agreeing with LCCI proposal for transfer of technology, early formation of Pak-Korea Business Council and joint ventures between the two sides, Korean Ambassador proposed expediting work on issues hurting two-way collaboration to ameliorate Pakistani economy. South Korean Ambassador was talking to LCCI President Irfan Qaiser Sheikh, Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar at a lunch arranged exclusively by the Ambassador for LCCI office-bearers. Ambassador said consistency in policies and better infrastructure for investment and stability in the country is necessary to enhance pace of its economic recovery. He said Korea is ready to cooperate with Pakistan in all sectors of economy, particularly electronics and IT. Ambassador said his aim was to boost bilateral trade and play a positive role in Pakistan’s development. He said to implement his plan he will utilise exchange of business delegations, work with private sector, remove hurdles in bilateral trade and make long standing relations between chambers of commerce in the two countries. South Korean Ambassador expressed optimism that volume of trade between Pakistan and South Korea was bound to increase as both governments are taking measures to get desired results.
He said non-availability of required trade-related information was the biggest hurdle in way of South Korean investment in Pakistan. He admitted Korean investment in Pakistan is very little when it compared to potential exists in the two countries. Diplomat, while identifying a number of areas for mutual cooperation, said there was a need for expertise-sharing as both countries have a lot to learn from each other. He said there is a big potential in SME sector therefore Pakistani business community could avail opportunities in this particular area. He urged LCCI office-bearers to arrange a business delegation to South Korea, so that Pakistani businessmen could have first hand knowledge about opportunities there. Speaking on the occasion, LCCI President stressed the need for early formation of Pak-Korea Business Council so that business community could be able to maximise its interaction with their Korean counterparts.
He said that Korean expertise in the field of electronics offers many openings to Pakistani businessmen and a little attention by Korean side could do miracles in this regard. Irfan Qaiser Sheikh suggested that to create a win-win situation for both countries, Koreans need to increase their imports from Pakistan. Presently, most of its demand is being met by Korea from sources other than Pakistan and only a small quantity is being imported from Pakistan, he added. A little attention by Korean Government and businessmen can increase Pakistan’s exports to Korea considerably. Speaking on occasion, LCCI Senior Vice President Kashif Younis Meher and Vice President Saeeda Nazar said there was need for a workable methodology for more Joint Ventures between entrepreneurs of the two sides as this would pave the way for transfer of technology.
