Envoy urges Korean, Pakistani businesses to find new avenues of trade

KARACHI: Ambassador of the Republic of Korea to Pakistan Suh Sangpyo, while expressing his desire to boost trade relations with Pakistan, has urged the business communities of both the countries to find new avenues for trade. In this regard, his embassy will fully support holding of business-to-business meetings.

Addressing a meeting of the Pakistan-Korea Business Council of the Federation of Pakistan Chambers of Commerce and Industry, the Korean envoy described Pakistan’s energy and IT sectors as attractive areas for joint ventures and investment and said his country’s investors had a keen interest in the two sectors.

Consul General of South Korea Kim Haksung and directors and members of the business council Abid Nisar, Hassan Sohail, Hilal Afridi, Sohail Usman, Iftikhar Ashraf, Muzammil Sohail, Shahzad Aslam, Salim Godil, Babar Khan, and Naveed Mazhar also attended the meeting.

“Taking advantage of Korea’s expertise in the energy sector, Pakistan can easily overcome the energy crisis and export its IT services to put its economy on the path to rapid growth,” the Korean ambassador said.

Suh Sangpyo lauded the efforts of Sohail Nisar, the chairman of the Pakistan-Korea Business Council, for promoting trade between the two countries.

For his part, Sohail Nisar, who has been the council’s chairman for 12 consecutive years, said that Korea (the world’s ninth largest economy) is a reliable and strong partner of Pakistan.

Korea wants to invest at least $1 billion in Pakistan, he said. If both sides make efforts as per their real potential to boost trade, the economies of Pakistan and Korea will reap tremendous benefits.

“Korea wishes to set up about 50 small-scale units and joint ventures with Pakistan, (and is) also interested in joint ventures in electric motorbikes, rickshaws and cars,” he said, adding that the friendly country wants to import $ 300-400 million worth of IT services from Pakistan.

Sohail Nisar called for signing of Free Trade Agreement between Pakistan and Korea, PFY, DTY Chapter 5402-4700, 5402-3300 and other items as promised.

“Korea has a market of 20,000 tons of fruits, and due to our efforts the government allowed mango exports to Korea; so the government should facilitate the export of mangoes and allow traders to export also, while vegetables, frozen fruits also have great demand in Korea,” he said.

He requested Prime Minister Shehbaz Sharif and Finance Minister Miftah Ismail to form a high-level trade delegation to visit Korea to review business opportunities and discuss issues of mutual interest with the Korean prime minister, businessmen and investors.

Similarly, a meeting of Pakistani businessmen with a Korean envoy should be arranged in Islamabad for a detailed discussion on joint ventures.

He also asked Finance Minister Ismail to reduce the 5 percent withholding tax levied on Indenting Commission to 1 percent, as a result of which huge remittances would come to Pakistan.

Copyright Business Recorder, 2022