Republic of Korea is Ready to Support Pakistani Businessmen to Bridge the Trade Deficit on $1.1 Billion

ISLAMABAD: Ambassador of the Republic of Korea, Mr Park Ki Jun has said that Pakistan highly valued its multidimensional relationship with Korea, encompassing political, economic, scientific, cultural, and people-to-people linkages. He mentioned that Pakistan and Korea had tremendous potential to increase bilateral trade to further strengthen economic relations. He further said that Pakistan was open for business and investment, and would welcome Korean investment in all sectors of its economy. Pakistan offeres some of the most exotic mountaineering and religious Buddhist sites, and would welcome Korean tourists to visit and explore these sites.
He said this in a meeting with FPCCI representatives who called on him at his office.
H.E Mr. Park Kijun stated that Pakistan imports $1.5 billion worth of South Korean products each year; while it exports only $400 million worth of products. This phenomenon is causing a bilateral trade deficit of approximately $1.1 billion and his government is willing to facilitate Pakistani exporters of goods and services to bridge the gap. He also informed that over the past sixty years, South Korea has increased its GDP by 410 folds. Very few countries of the world have posted such enormous and persistent economic growth, he added.
Mr. Amin Ullah Baig, Vice President of FPCCI and chairman of the capital office & Mr. Umar Masood ur Rehman Vice President of FPCCI  Visited the Embassy of the Republic of South Korea in Islamabad and met the H.E  Park Ki jun to present him with a flower bouquet on assuming the Charge as Ambassador in Pakistan on behalf of the President Federation of Pakistan Chambers of Commerce and Industry. During the meeting, they underscored the need for further expanding and promoting economic and trade relations between the two countries for mutual benefit.

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During the meeting, the issues of e-commerce, the 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 revealed during the exchange of views.
Amin Baig & Umar Masood ur Rehman emphasized that Pakistan and Korea enjoy long-standing friendly relations and Pakistan deeply values these relations with Korea and is willing to join ventures for the development of different Sectors.
Mr. Amin Ullah Baig, Vice President of FPCCI and Chairman of the capital office, briefed the Ambassador in detail about on various areas related to bilateral trade in Pakistan and said that Pakistan is an attractive country in terms of trade and investment, which provides excellent and profitable business opportunities to foreign investors and traders.
Therefore, Korean businessmen and investors must take advantage of these opportunities. “The business community of both countries should increase interaction with each other and explore what items can be traded for increasing the bilateral trade between Pakistan and Korea, which will be beneficial and economic prosperity for both countries”, he added.
Mr. Umar Masood ur Rehman Vice President FPCCI endorsed the Korean Ambassador’s proposals for B-to-B meetings, exhibitions, and exchange of trade delegations, saying that their implementation would increase the trade volume between Pakistan and Korea, and boost exports. Pakistan can also benefit from expertise in technology. He also invited the Korean Ambassador to visit the FPCCI, which he accepted and assured that he would visit the FPCCI Capital office in Islamabad very soon.

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He proposed that South Korean and Pakistani industrialists should form a joint forum of relevant business leaders & diplomatic staff from both sides to turn the huge investment of $1 billion into a reality through prioritizing the right areas, B2B matchmaking and establishing an efficient liaison with the authorities.
VP FPCCI, Umar Masood ur Rehman and Amin Ullah Baig, emphasized that IT and Tourism are the most important sectors of Pakistan vis-à-vis South Korea; both for enhancement of exports and exporting skilled human resources in IT. He noted that only 10,000 workers of Pakistani origin are working in South Korea and that number should have been hundreds of thousands.
Additionally, South Korea has the potential to be one of the top destinations for Pakistan for earning foreign exchange reserves through remittances in the years to come. He added that there are several large business houses and conglomerates in Pakistan that can make their mark in the international markets just by benefiting from the technological might of South Korea. They even have their investments to pool in with South Korean companies through joint ventures, he added.
The ambassador stressed the need to identify the areas of mutual interest so that both countries may move ahead. He also desired to manifest cooperation in different fields like bilateral trade, economy, Export,  science and technology. He expressed his satisfaction that the two countries have very warm and strong relations which are growing stronger with each passing moment. “Taking advantage of Korea’s expertise in the energy and IT sectors, Pakistan can overcome the energy shortfall and also export its IT services to put the economy on a rapid growth path,” the envoy added. He has promised to provide all possible help.

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