Pak-korean trade has great potential to increase manifolds

ISLAMABAD:

South Korean Ambassador to Pakistan Choi Choongju has said that the bilateral trade between Pakistan and his country, which is currently of $ 1.6 billion, has a great potential to increase manifolds.

The ambassador was speaking at a reception hosted by Pak- Korean Friendship Society’s President Sajjad Afzal Cheema here in connection with 30th anniversary of the establishment of PakKorean diplomatic relations.

The recption was attended among others by Admiral (retd) Iftikhar Ahmed Sirohey, businessmen and lawyers. Both the countries have already agreed to take their current level of trade to $2 billion per annum in next three years. They have inked six agreements last year under which Korea will modernize Pakistan Railways and con- struct an LNG ( Liquefied Natural Gas) terminal and the two countries will promote cooperation in the banking sector.

Choongju hoped the two countries would make special efforts to expand their trade relations for the mutual benefit of the two peoples. He said that the Pak- Korean Friendship Society had played a key role in promoting multidimensional relations between the two countries. This year has a special significance as the two countries are marking 30th anniversary of their relationship, he added.

The envoy, on the occasion, praised services of late justice Cheema, saying his role in cementing PakKorean ties would long be remembered. President of Pak- Korean Friendship Society Sajjad Cheema, in his remarks, said that the society had been striving to strengthen multi- dimensional rela- tions between the two countries for the last 30 years. It has been the mission of the society to bring the two sides closer and identify different areas of cooperation particularly in commercial, power and communications sectors, he added.

The society has played an important role in regular exchange of delegations between Seoul and Islamabad for ensuring people-to-people contacts, he said. Cheema eulogized the services of Honorary Consul to South Korea Irfan Aziz for his pivotal efforts in enhancing relations between the two countries. He said that the PakKorean Friendship Society had been mounting efforts for export of skilled and semiskilled labour form Pakistan to South Korea. Later Admiral (retd) Iftikhar Ahmed Sirohey, on behalf of the society, presented a bouquet to the Korean ambassador.