Pakistan has diplomatic and economic relations with North Korea but bilateral trade is still below the potential and both countries should work closely to explore the untapped areas.
North Korean Ambassador, Ro Kyong Chol, made these remarks while talking to President Islamabad Chamber of Commerce and Industry, Yassar Sakhi Butt, during his visit to ICCI. He exchanged views on common interests and agreed to strengthen economic relations between the two countries.
He said that North Korea has abundance of natural resources like coal, limonite, steel, graphite and lead and has the largest open-air iron mine and offer lucrative incentives to foreign investors. Ambassador said that the business communities of Pakistan and North Korea have to play a vital role for promotion of bilateral trade and their greater mutual interaction is needed to achieve the ultimate objectives.
In his welcome address, Yassar Sakhi Butt, President ICCI said that by increasing people to people contract, bilateral trade between Pakistan and North Korea could be enhanced.
He suggested that cooperation could be enhanced in petroleum, energy, tourism, surgical, sports goods, textile, agro, pharmaceutical and marble sectors.
ICCI President said that North Korean capital and technology combined with Pakistani manpower in diverse sectors such as textiles, leather, construction, telecommunications, pharmaceuticals and IT could create synergy in manufacturing and service sectors, which would be mutually beneficial for both the countries.
He said that marble and granite sector was fast growing sector in Pakistan with huge investment potential, adding that North Korean business community should come forward and invest in marble and granite industry.
Yassar Sakhi Butt said that exchange of sector-specific trade delegations and a proactive involvement of business community of both the countries could enhance bilateral trade relations between North Korea and Pakistan.
