Ambassador highlights trade, business potential between Pakistan, Korean companies

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Korea looks forward to strengthening business ties with Pakistan

Zubair Qureshi

There exist countless business opportunities between Republic of Korea (South Korea) and Pakistan as investments by the Korean companies in Pakistan have enhanced significantly in the recent past.

Korean Ambassador Suh Sangpyo expressed these views at the ‘PAK-RoK Infrastructure Business Forum’ that was attended by the business companies’ representatives of the two countries.

Highlighting the potential in trade and business between Seoul and Islamabad Ambassador Suh Sangpyo said “Korea and Pakistan have already undertaken joint ventures such as Kia and Hyundai vehicles as well as Samsung mobile phones.”

In hydropower sector, two plants are already operating and providing electricity in Pakistan and four projects, amounting to $3 billion, were underway in Khyber Pakhtunkhwa and Azad Jammu and Kashmir, the ambassador informed the participants, made up of the business community.

Infrastructure investment is long lasting and symbolic for bilateral economic cooperation,” he said, adding that “infrastructure business cooperation is increasing the volume of our economic exchanges”.

The ROK envoy said his embassy looked forward to strengthening ties with business houses and companies of Pakistan and highlighted details of the Economic Development Cooperation Fund, under which Pakistan was provided $500 million as soft loan.

Suh Sangpyo said the EDCF loan had contributed to road construction and other important and high-tech infrastructure such as IT centres in Islamabad and Karachi.

“From next year, EDCF loan to Pakistan will be increased to $1 billion for five years. So we will see more cooperation in infrastructure and this infrastructure-business forum is timely opportunity and provides good platform for networking Korean companies and Pakistani companies and government officials,” the ambassador said.

Secretary Ministry of Energy and Power, KP Syed Imtiaz Hussain Shah said the province had huge potential in infrastructure and expected enhancement of cooperation in energy sector.

Gilgit-Baltistan Minister of Tourism & Archaeology and Sports Raja Nasir Ali Khan welcomed any investment related to tourism, mineral and mines.

“Although unexplored and untapped Gilgit-Baltistan has massive potential in many areas especially tourism,” Mr Khan said, adding that GB would offer cooperation for any investment.

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