KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Mohammed Tariq Yousuf has stressed the need to gear up Free Trade Agreement (FTA) in addition to reviving Pak-Korea Joint Trade Committee to exploit existing opportunities and enhance bilateral trade and economic integration in the manufacturing, hydropower sector, SME, finance, transport and education sectors.
“I am confident that Pakistan-Korea FTA would pave way for good trade relations and open up new dimensions and investment channels”, he added while speaking as Chief Guest of Korea Pakistan Business Forum 2023 organized here in a local hotel on Wednesday.
Ambassador of the Republic of Korea Suh Sangpyo, Director General of Korea Trade-Investment Promotion Agency (KOTRA) Kim Sung Jae, Consul General Korea Yi Sunghu, Senior Vice President Touseef Ahmed, Vice President Haris Agar, President Automotive KIA Pakistan Muhammad Faisal, KCCI Managing Committee Members and prominent Korean businessmen in Pakistan were also present on the occasion.
President KCCI noted that despite strong bilateral economic relationships, Pakistan’s exports to Korea stood at only $206 million in FY22 as compared to $170 million in FY21. “Pakistan’s average monthly exports to Korea remained at a meagre $23 million during the last 18 years which was mainly because of the fact that Pakistani goods face higher tariffs as compared to their competitors”, he said, adding that many Pakistani products including marble & granite, pharmaceuticals, cement, leather, rice and sports goods can find a good market in Korea, which the country can import from Pakistan.
Tariq Yousuf mentioned that despite Pakistan’s ongoing economic challenges, various corporate results in the stock market remained phenomenal in 2022. In addition to this, top multinational companies operating in Pakistan have also posted massive growth which clearly indicates Pakistan’s economic resilience, he added while referring to impressive profitability witnessed by ICBC Pakistan, Unilever Foods Pakistan, Nestle Pakistan, Philip Morris Pakistan, Standard Chartered Pakistan and Pakistan Tobacco.
Copyright Business Recorder, 2023