KARACHI: The trade between Pakistan and South Korea has witnessed a significant boost, with Pakistan’s exports to Korea doubling in the past year, reaching an impressive $306 million.
This was revealed by Sung Jae Kim, the Director General of Korea Trade Investment Promotion Agency (KOTRA), during his visit to the Korangi Association of Trade and Industry (KATI).
Kim highlighted the growing trade relations between the two countries, emphasizing the need for cooperation and technology transfer from Korea to Pakistan.
While Pakistan’s exports to Korea showed remarkable growth, Korea’s exports to Pakistan experienced a decline of 30%.
Kim acknowledged the brotherly trade ties between the nations and praised the talent and proficiency of Pakistani youth in speaking English.
President of KATI, Faraz-ur-Rehman, who addressed the gathering through a telephonic connection due to ill health, stressed the importance of exchanging delegations to promote trade between Pakistan and Korea. To address the trade imbalance, Rehman urged an increase in exports from Pakistan.
To bolster trade ties further, a main committee has been formed, headed by Vice President Muslim Mohamedi and Rehan Hashmi, aimed at enhancing trade and investment between the two countries. A delegation of KATI industrialists, led by Muslim Mohamedi and Rehan Hashmi, is scheduled to visit Korea shortly to explore investment opportunities.
Speaking on the occasion, Muslim Mohamedi highlighted various trade opportunities between Pakistan and Korea, particularly in the fisheries, textiles, pharmaceuticals, and furniture industries.
He emphasized the need for organizing bilateral trade exhibitions to facilitate business exchanges and called for a relaxation of Korea’s visa policy to facilitate tourism between the two nations.
Kim also mentioned that Korean companies were investing in the fisheries and textile sectors in Pakistan, while YouTubers from Korea were showcasing the beauty of Pakistan to the world.
The promising growth in trade and investment between Pakistan and Korea bodes well for strengthening bilateral relations and fostering economic growth in both nations.
Copyright Business Recorder, 2023