Korean envoy seeks Pakistan’s private sector role to boost two-way trade

Trade and industry

Islamabad: South Korean Ambassador to Pakistan Mr. Choi Choong- Jee on Friday said Pakistan’s economy is showing clear signs of recovery that calls for enhanced trade between the two countries.

He said that Pakistan business community is strong enough to withstand all challenges and has a very favourable view for South Koreans but it is not translating into actual trade potential between the two countries.

Speaking at a reception hosted at his residence in honour on national trade leaders, the Ambassador said that our trade with India stands at $16 billion which will be doubled in few years; it is $ 1billion a day with China while bilateral trade with Pakistan is mere $1.1 billion.

My country wants to enhance cooperation with Pakistan’s government and private sector so that economy of this great nation can come out of problems like energy deficiency and it emerges as one of our major trading partner, he added

Choi Choong- Jee said that Pakistan has great resources and tremendous potential while we rely only on technology. Nothing can stop Pakistan from becoming a developed nation if it adopts few corrective measures, he said.

“I see business community of Pakistan as driving force for economic vitality,” said Jee.

At the occasion, Tariq Sayeed, Vice President CACCI and former President FPCCI and SAARC CCI said that current volume of bilateral trade does not reflect the cordial relations between the two nations.

He said that 23 companies of South Korea are working in Pakistan and we have $443 million of trade deficit which is not significant.

We need to learn a lot from world’s 15 largest economy, to contribute towards the noble cause of national development which will resolve many challenges faced by the country, said Tariq Sayeed.

Senator Haji Ghulam Ali, President FPCCI said that we should identify hitches barring trade and expressed resolve to contribute towards enhanced cooperation.

He said that the non-availability of proper information is one of the hurdles that need to be addressed urgently.

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