Pakistan's economy showing signs of recovery: South Korean envoy

South Korean Ambassador to Pakistan Choi Choong- Jee on Tuesday said Pakistan's economy was showing signs of recovery that can be accelerated through consistent policies, stability, improved environment and focus on development.
He said that volume of bilateral trade between Pakistan and South Korea was increasing but still low as compare to the actual potential and this would be boosted through sincere efforts by the business community of the two countries. "We want to work with private sector so that Pakistan can become a major trading partner of South Korea," he added.
Choi Choong- Jee said this while talking to a delegation of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) led by Hameed Akhtar Chadda. The delegation included Malik Sohail Hussain, Arif Rafique, Tariq Mehmood and Shahid-ur-Rehman. He asking the delegation to provide sector-specific plans and help identify snags hindering trade. He expressed the resolve to contribute to enhanced co-operation between the two countries and development of Pakistan.
He said that the non-availability of appropriate trade-related information was one of the hurdles that needed to be addressed. The Ambassador informed that Pakistani business community could benefit from Korean SME sector that offers great potential. He assured his support for establishing contacts between the federal chambers of the two countries and promised help to Pakistani businesspersons to explore opportunities in sectors like automobiles, pharmaceutical, textiles, machinery, cutlery, surgical instruments, trade fares and exhibitions.
On the occasion, Hameed Akhtar Chadda, Chairman FPCCI Capital Office welcomed the investment by South Korean conglomerate, LOTTE, in Pakistan, saying that sectors like oil and gas, mining, energy, IT, telecom, food, agriculture, beverages, transport and tourism offer great opportunities to all foreign investors.
Malik Sohail Hussain underlined the need to organize single country trade fairs to promote products, encourage investments and widen network of Pakistani market. "Such events provide a platform to meet interested buyers, sellers or distributors and provides excellent opportunities to bring in foreign investment," he said.
Arif Rafique, President Attock Chamber of Commerce and Industry, said that South Korea could consider making special economic zones in Pakistan to benefit from liberal incentives and special concessions. The Ambassador took special interest in mineral sector that grew by 32 per cent. He directed his deputies to meet Shahid-ur-Rehman, Chairman Marble Association of Pakistan to look into different business possibilities including sale of Korean machinery and JVs. Chairman FPCCI Standing Committee Media and PR Malik Sohail invited the Ambassador to visit FPCCI to explore venues of mutual benefit.