President calls for enhancing trade, investment with Korea

ISLAMABAD: President Dr Arif Alvi has said there is a need to explore new avenues of cooperation between Pakistan and Korea for further enhancing bilateral trade and investment.

“Private sectors of the two countries should explore new avenues to enhance trade and investment between the two countries. The existing volume of bilateral trade at US$1.935 billion is much below the two countries’ potential. Focusing on bilateral diversification of products and services and setting up achievable targets, this volume can easily be taken to US$6 billion in a few years.

“Pakistan is desirous of expanding bilateral cooperation with Korea in various fields, such as agriculture, ICT, Human Resource Development, economy, science, culture and education,” the president said.

He made the remarks while talking to the members of the Korea-Pakistan Parliamentary Friendship Group in the National Assembly of the Republic of Korea, led by its head Lee Hack Young, at the Aiwan-e-Sadr on Wednesday.

Members of Parliament, Lee Sangheon, Kim Byungjoo, An Byunggil, and Ambassador of the Republic of Korea, Suh Sangpyo, attended the meeting.

The President urged both the countries to take necessary steps to enhance bilateral consultations for the signing of a mutually agreed upon Free Trade Agreement which would provide an excellent framework for promoting bilateral trade, investment and business relations.

He said that the exchange of Parliamentary Friendship Groups between Pakistan and the Republic of Korea would bring the two countries closer and further promote cooperation between the parliaments of both countries. He also emphasized the need to develop the multidimensional relations between Pakistan and Korea to their fullest potential.

Talking to the parliamentary delegation, the President highlighted that Pakistan possessed an enormous youth bulge which, if properly educated and trained, could provide much-needed qualified and cost-competitive human resources to Korean companies that had a presence in Pakistan and help meet the growing needs of the Korean economy and industry.

He said that Korea could help Pakistan bring vast virgin lands in Balochistan and Khyber Pakhtunkhwa under cultivation and substantially increase the yield of agricultural products of the fertile plains of Sindh and Punjab through joint research and development, ICT-based modern agriculture technologies, better disease-resistant seeds, vertical farming and Artificial Intelligence based irrigation system.

The President said that Korea had been effectively contributing to the economic development of Pakistan and had made sizable investments in many sectors, especially in the vehicle and cellular manufacturing sectors. He said that both the countries needed to continue mutual consultations and deliberations to find ways and means to take existing cooperation to the next level. He also emphasized finding out the possibilities of the greater role of Korean companies in the CPEC projects and their investment in the Special Economic Zones. He assured the delegation that Korean investment in Pakistan was safe and that Pakistan was committed to continuing the investment and trade policies irrespective of change in the government to provide a safe and secure environment to foreign investors.

Copyright Business Recorder, 2022