Ambassador of Republic of Korea Dr Jong Song Hwan has said that Korea considers Pakistan as main destination for investment and businesses. While speaking at a meeting during his visit to Pakistan Textile Exporters Association here on Friday, the Korean envoy noted that Korea and Pakistan are two leading trade partners, but since last two years this trade partnership after touching the trade volume 1.6 billion dollars in 2012 has recorded downward slide to 1.3 billion dollars in 2013 and 1.17 billion dollars in 2014.
Exports from Korea to Pakistan were decreased by three percent in 2013 and six percent in 2014 while exports from Pakistan to Korea were decreased by 33 percent in 2013 and further decrease of 23 percent was observed in 2014, he mentioned.
He said, "It is a matter of serious concern. We must collaborate to increase trade volume as Pakistan is the fourth largest quality cotton growing and eight largest textile exporter country while Korea is producing best textile machinery. We can collaborate in textile sector to give boost to the economies of both countries."
The Korean ambassador underscored the need to exchange of business delegations and participation in each other's exhibitions. Lack of required trade-related information is the biggest hurdle in the way of Korean investment in Pakistan and all-out efforts are being made to enhance interaction between business-doing people of the two countries to increase trade volume.
Highlighting a number of areas for mutual co-operation, he underlined the need for sharing expertise as both countries had a lot to learn from each other. The Korean envoy while extending full support, assured that every possible facility will be provided to promote bilateral business.
Earlier, while welcoming the Korean ambassador, Chairman Pakistan Textile Exporters Association Sohail Pasha said that Pakistan and Korea share history of diplomatic, economic and political co-operation. Korean government has always supported socio-economic development in Pakistan which has resulted in strengthening ties between the two nations. He stressed upon the need to explore causes of shrinking trade, identify the weaknesses and accordingly devise a clear strategy which must focus on trade and economic expansion.
He urged the Korean investors to invest in various sectors of Pakistan to enhance trade volume. Counsellor for Economic Affairs of Korean Embassy Park Bongsu, Deputy Director KOTRA Karachi Lee Dong Hoon, Economic Affairs Officer of Korean Embassy Baik Song Hye and large number of textile exporters also present on the occasion.
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