KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) President Muhammad Haroon Agar said that Pakistan is the most promising country for investment by Koreans and that 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 trade potential, the recent trade of about $1.3 billion may result in $3.5bn in next five years while effectively tapping the existing true potential.
Agar stated that many Korean giants like Lotte, Samsung, LG, Hyundai, Daewoo etc. are operating business successfully in Pakistan, therefore, establishing Korea Special Economic Zone in Karachi is indispensable.
He said that the Government of Pakistan had already passed Special Economic Zone Law and in line with it the 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.
Agar maintained that an estimated $5bn of Korean investment is in pipeline.
He said that during official trip of President Asif Ali Zardari to Korea the two countries signed a framework agreement for grant-aid for poverty reduction through Korea International Cooperation Agency (KOICA), agreement for $ 78 million loan to be provided by EXIM Bank Korea Malakand Tunnel Project, and a memorandum of understanding between Korean Ministry of Land, Transport and Maritime Affairs and Pakistan Ministry of Railways on Railway development cooperation.
KCCI chief said that it is learned that Lotte, the Korean giant, in Pakistan was further expanding its business while companies in steel sectors were also interested in investing in Pakistan.
He said that Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage Highway projects endorse the Pak-Korea deep friendship.
Agar urged both the governments to expedite negotiations to sign a 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 organised in July 2013.
Consul General of the Republic of Korea in Karachi, Chang Hee Lee, recognised the vibrant role of Karachi Chamber to promote trade and industry and stated that immense possibility of economic and commercial cooperation does exist.
He was of the view that the Chambers of two countries should play a vibrant role to facilitate the private sectors of both sides and assured best support from the Korean Consulate General to the members of KCCI.
He said that the Korea Trade Investment Promotion Agency (KOTRA) was committed to facilitate the business community and interested businessmen may contact KOTRA for their business queries.
Senior Vice President, KCCI Shamim Firpo and Managing Committee members also participated in the meeting.
President KCCI also presented Chamber's crest to the Korean Consul General.
Comments
Comments are closed.