Visit of High Power Korean Delegation of 47 Members to FPCCI – B2B Meetings of Various Sectors

Islamabad: 22 Feb 2023 – Korean business delegation consist of 47 members, led by former Korean Ambassador to Pakistan, Dr. Song Jong-hwan visited The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Capital Office, Islamabad, The President FPCCI Irfan Iqbal Sheikh, Vice Presidents Amin Ullah Baig & Umar Masood ur Rehman, and other prominent Pakistani business leaders welcomed the delegation at FPCCI Capital Office, Islamabad and they have a very fruitful discussion regarding trade development between two countries.

The delegation Members belongs to various companies of different sectors. The members of delegation took a keen interest in TOURISM, SILVER SPORT FITNESS,  DRON EDUCATION, CONSTRUCTION, AGRICULTURE, DREAM MASTERING, MEDIA, FOOD DRYER, TRADING, STEEL TRADING, VEHICLE TRADING, BIOLOGY, HEAVY MACHINERY & EQUIPMENT, CONSTRUCTION, and MACHINERY of Pakistan. During B2B meeting, ideas were exchanged on the projects by the companies in Pakistan and areas of interest expanding cooperation in different sectors.

During the conference the issues of e-commerce, transition to the digital system, and the introduction of Korean high-tech inventions into the trading system were discussed for further development of trade and economic relations between Pakistan and the Republic of Korea. New ways of cooperation to increase the volume of trade between the Islamic Republic of Pakistan & Republic of Korea were also revel while exchange of views.

Mr. Irfan Iqbal Sheikh President of FPCCI said that Pakistan and Republic of Korea have developed extensive commercial, political, and strategic terms during past few years, however, the current trade volume between the countries has always been skewed, despite having a huge untapped export potential in Pakistan.

Pakistan’s main exports are woven fabrics of cotton and yarn, Unwrought refined Lead, Natural steatite and talc, Sesame seeds, Surgical Instruments, Frozen Fish Meat, Slag, ash and residues mainly containing zinc etc. The major imports from the Republic of Korea include Automobiles, Medium Oils, and Preparations, Synthetic organic reactive dyes, Acrylonitrile-butadiene-styrene copolymer, in primary forms, Isocyanates, Polypropylene in primary forms, Unwrought zinc alloys, etc.

The leader of the Korean business delegation Dr. Song Jong-Hwan appreciated the President FPCCI for their warm welcome and reiterated his commitment to bringing Korean investment into Pakistan.

The members of the delegation shared their experiences of visiting religious, cultural and tourist sites. The members of the delegation unanimously of the view that Pakistan is worth wile especially in religious tourism. Pakistan has been the cradle of Buddhist art and culture and the second holy land of Buddhism for well over a thousand years. The religious faith has marked the most significant epoch in the history of the cultural and social evolution in the subcontinent by promoting religious tourism Pakistan can earn huge foreign exchange.

Mr. Amin Ullah Baig Vice President of FPCCI & Incharge of the Capital Office spoke about the increasing cooperation between Pakistan and Korea and said that Korea is keen to explore the growing market of Pakistan. Korea has expertise in niche sectors which can be beneficial for Pakistan.  He expressed satisfaction over the successful meeting with the Korean delegation and stated that Korea could be one of the top destinations for Pakistani Mangoes and Textiles.

Mr. Umar Masood ur Rehman, Vice President FPCCI emphasized that IT is the most important industry of Pakistan as well as the Republic of Korea; both are experts in exporting skilled human resources of IT. He stated that only 10,000 workers of Pakistani origin are working in the Republic of Korea and that numbers should increase and it will give benefits to both the countries. Additionally, the Republic of Korea has the potential to be one of the top destinations for Pakistan to enhance foreign exchange reserves through remittances in coming years.