Korea has funded several projects in Pakistan – such as the newly inaugurated Institute of Garment Technology, and water supply and sewage drainage projects. Pakistan-Korea Business and Friendship Council Chairman Ahsan Mukhtar Zubairi said this while addressing the guests at a dinner hosted by Galaxy Pharma to celebrate the Korean National Day.
Ambassador Choong-Joo Choi and Consul General In-Ki Lee were also present on the occasion. Zubairi said Korean cooperation has also been extended to the national capacity-building Institute for Water Quality Management, training of Pakistani government officials and vocational training of the youth of Malakand.
While shedding light on strong economic and friendly relations both countries have been sharing for over five decades, Zubairi said Pakistan is really grateful for the contribution of the Korean government in strengthening Pak-Korea bilateral relations, particularly those regarding humanitarian issues.
It is pertinent to mention here that South Korea has offered $180 million as soft loan to Pakistan as the member of the Friends of Democratic Pakistan. Zubairi said Korean company SsangYong has just completed repair work of Karachi Port Trust berths, whereas Pohang Iron and Steel Company (POSCO) has also made an initial investment in the country.
Moreover, Hienergy Korea Canmore has recently announced that it would invest $100 million in wind energy projects in Sindh, besides 50megawatt projects in SITE Area and Nooriabad, Zubairi added. Galaxy Pharma Chief Executive Officer Khalilur Rehman said while many Korean companies are taking advantage of the attractive investment and commercial opportunities and have undertaken business activities including infrastructure development and infrastructure projects in Pakistan, the current level of economic collaboration is not commensurate with the Korean private sector potential or the immense opportunities available in Pakistan.
Rehman said Korean capital and technology combined with Pakistani manpower in diverse sectors – such as textiles, leather, construction, telecommunications, pharmaceuticals and Information Technology – could create synergy in manufacturing and service sectors, which would be mutually beneficial for companies collaborating in these sectors.
“I am, therefore, confident that our mutually beneficial ties will continue to expand and both countries will establish new grounds to further broaden cooperation in all fields,” he added.
It should be noted here that many Korean companies – such as Hyundai, Samsung, LG, Daewoo, Lotte and POSCO – signed a joint venture agreement with Al Tuwairqi Holding, are working in Pakistan as excellent business partners and Pakistani consumers trust them as good, reliable producers.
Rehman welcomed the new members of the council that include Business & Engineering Trends Chief Operating Officer Hamza Bin Tariq, Al Tuwairqi Holding Project Director Zaigham Abbas Rizvi, and three directors of Galaxy Pharma and LG Group of Korea.
