Eying to enhance the current trade volume of $1.36 billion between Pakistan and South Korea to at least $2 to 3 billion in the next couple of years, efforts are underway to negotiate and sign the Free Trade Agreement between the two countries. This was said by ambassador of Pakistan to South Korea Shaukat Ali Mukadam in a recent meeting with office bearers of Karachi Chamber of Commerce and Industry (KCCI) at chamber’s office. He highlighted that South Korea sees Pakistan as the most promising country for investment. He said that owing to great trade potential the recent trade of $1.36 billion can increase to $2-3 billion if trade potential is effectively utilised. He said that a paradigm shift for Korean investment has been observed and now they are prioritising to invest in Pakistan and other regional countries while they have made huge investment in Western countries. Other Korean leading consortiums are investing in Hydro-power and steel sectors. He said that one Korean Steel sector giant is joining hands with Tuwarqi Steel in Pakistan. Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage highway projects endorse the Pak-Korea friendship. He said that efforts are underway to negotiate and sign Pak-Korea FTA. He pointed out the immense export possibility of mangoes, dates, fruits, readymade garments and sports goods. He stated that around 10,700 Pakistanis were residing in Korea performing as businessmen, skilled workers and students. Pak Government was also considering establishing a special economic zone for Korea, the ambassador maintained. President KCCI Mian Abrar assured the Ambassador to extend best possible support and facilitation to the Korean business community. Vice President Zia Ahmed Khan and the Managing Committee Members of KCCI also participated in the meeting.
Earlier Mian Abrar urged the Korean Investors to enter into joint ventures in Pakistan in the alternate energy, agriculture and engineering sectors. He also asserted upon the need of building trading blocks of Pakistan with Asian countries, Central Asian Republics and SAARC countries. He urged the Ambassador to suggest and convince the Seoul Chamber to form Karachi-Seoul Joint Chamber of Commerce & Industry on the pattern of Pakistan-Afghanistan Joint Chamber which KCCI formed last year. He articulated that Pakistan possess great potential to multiply its exports and $25 billion export alone can be made to USA if allowed. He expressed discontentment on meager 7 per cent trade among SAARC countries and asserted to execute Indo-Pak trade via Karachi and Mumbai ports to bring prosperity and alleviate poverty in the region. He also requested the Ambassador to invite business delegation and exhibitors to participate in the Karachi Chamber’s My-Karachi Oasis of Harmony Exhibition scheduled to be organized in July 2012.
