South Korea to cooperate for overcoming energy deficiency

ISLAMABAD: South Korea intends to enhance its trade cooperation with Pakistan's government and private sector for overcoming the economic issues including energy deficiency in the country.

This was stated by the Ambassador of South Korea to Pakistan, Choi Choong Jee, while addressing a reception hosted in honor of national trade leaders here on Friday.

He said that Pakistan emerges as one of major trading partner of South Korea and its economy was showing clear signs of recovery that calls for enhanced trade between the two countries.

Pakistan business community is strong enough to withstand all challenges and has a favorable view for South Koreans but it is not translating into actual trade potential between the two countries, he added.

"Our trade with India stands at $ 16 billion which will be doubled in few years, it is one billion dollars a day with China while bilateral trade with Pakistan is mere $ 1.1 billion", he added.

Choi Choong Jee said that Pakistan has great resources and tremendous potential while they rely only on technology. "Nothing can stop Pakistan from becoming a developed nation if it adopts few corrective measures", he added.

Speaking on the occasion, Tariq Sayeed, former President FPCCI and SAARC CCI said that current volume of bilateral trade does not reflect the cordial relations between the two nations.

He said, "23 companies of South Korea are working in Pakistan and we have $ 443 million of trade deficit which is not significant".

"We need to learn a lot from world's 15 largest economy, to contribute towards the noble cause of national development which will resolve many challenges faced by the country", he added.

Senator Haji Ghulam Ali, President Federation of Pakistan Chamber of Commerce and Industry (FPCCI) said that they should identify hitches barring trade and expressed resolve to contribute towards enhanced cooperation.

He said that the non-availability of proper information is one of the hurdles that need to be addressed urgently.

Iftikhar Ali Malik, Vice President SAARC CCI said that business community should develop linkages with Koreans and start sharing. He said that they could benefit from promising SME sector of the friendly country.

He welcomed the recent investment by South Korean companies in Pakistan saying that sectors like oil and gas, mining, energy, IT, telecom, food, agriculture, beverages, transport and tourism offer great opportunities to foreign investors.

Copyright APP (Associated Press of Pakistan), 2011