Pakistan declared promising country for investment by Koreans

Karachi Chamber of Commerce & Industry's President Muhammad Haroon Agar has expressed that Pakistan is the most promising country for investment by Koreans; immense opportunities exists to enter into joint ventures in Pakistan in the alternate energy, agriculture and engineering sectors. While exchanging views with the Consul General of the Republic of Korea in Karachi Chang Hee Lee, he was of the view that owing to Pak-Korea great trade potential, the recent trade of about $1.3bn may incline to $3~5bn in next five years while effectively tapping the existing true potential.

In 2012, Pakistan's total exports to Korea stood at $4.99 Million while importers from Korea were $6.11 Million, he said. He stated that many Korean giants like Lotte, Samsung, LG, Hyundai, Daewoo etc. are operating business successfully in Pakistan, therefore, he said, establishing Korea Special Economic Zone in Karachi is indispensable. "The Government of Pakistan has already passed Special Economic Zone Law and likewise, establishment of Japan Special Economic Zone is in progress. The Leaders of Pakistan and Korea have agreed to promote cooperation in a number of areas like manufacturing, finance, transport, education and culture. An estimated $5 Billion of Korean investment is in pipeline", he said.

"During official trip of Pakistani President Korea two countries signed framework agreement for Grant-Aid for poverty reduction through Korea International Cooperation Agency (KOICA), Malakand Tunnel Project $ 78 Million loan Agreement to be provided by EXIM Bank Korea, MoU between Korean Ministry of Land, Transport and Maritime Affairs and Pakistani Ministry of Railways on Railway Development cooperation. It is learned that Lotte the Korean giant in Pakistan was further expanding its business while companies in steel sectors were also interested in invest in Pakistan", he said.

He said that Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage Highway projects endorse the Pak-Korea deep friendship. He admired that despite of negative travel advisory, the Korean do not hesitate to visit Pakistan. He also urged both governments to expedite negotiations to sign Free Trade Agreement (FTA).

He also enlightened the Consul General about the key role of Karachi Chamber in the socio-economic development of Pakistan and informed about the aims of KCCI to develop regional trade. He also requested the Consul General 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 2013. Consul General of the Republic of Korea in Karachi Chang Hee Lee recognized the vibrant role of Karachi Chamber to promote trade and industry. Immense possibility of economic and commercial cooperation do exist, he said. He was of the view that the Chambers of two countries should play vibrant role to facilitate the private sectors of both sides.