Lahore Chamber of Commerce and Industry holds meetings in Seoul to enhance trade between Pak-South Korea

LAHORE: A six-member Lahore Chamber of Commerce and Industry (LCCI) delegation under the leadership of LCCI President Shahzad Ali Malik Friday had Business-to- Business meetings in South Korean Capital Seoul and finalized a methodology to enhance two-way trade. A number of MoUs were also signed on the occasion.

Pakistan’s Ambassador to South Korea Shaukat Ali Mukaddam also arranged a working dinner for the LCCI delegation where besides top Korean businessmen a large number of government functionaries also took part.

Pakistan’s Ambassador to South Korea Shaukat Ali Mukaddam has expressed optimism that the volume of trade between Pakistan and South Korea is bound to increase as Korean businessmen have shown their interest in making investment in Pakistan.

The Ambassador urged the Pakistani businessmen to concentrate on value addition as South Korea has huge potential for quality products.

The diplomat while identifying a number of areas for mutual cooperation said that there is a need for the technology transfer as both the countries have a lot to learn from each other. He said that there is a big potential in the fruit business therefore Pakistani business community should avail opportunities in this sector.

He said that the Koreans had learnt a lot from Pakistan in 60s and today the secret behind their progress and prosperity was the implementation of policies.

Speaking on the occasion, the LCCI President Shahzad Ali Malik said that to create a win-win situation for both the countries, Koreans need to increase their imports of cotton, raw hides & skins, fish, medical apparatus, toys & games, leather products, articles of apparels and textile articles from Pakistan. Most of the Korean demand for these commodities is being met by Korea from sources other than Pakistan and only a small fragment is being imported from Pakistan. A little attention by the Korean Government and businessmen can increase Pakistan’s exports to Korea considerably.

The LCCI President also called for increase in Korean investment in Pakistan. He informed the ambassador that Pakistan’s large market of 170 million people, its strategic location as principal gateway to the Central Asian States and other regional countries offer lot of opportunities for relocation of Korean Industries in Pakistan. Pakistan is open to Foreign Direct Investment in all the sectors.

He said that although a large number of Korean companies such as LG, Samsung, Daewoo, Kia, Hyundai are doing good business in Pakistan but the volume of Korean investment in Pakistan is decreasing. It needs to be considerably increased.

Meeting with the top KORAIL management for acquiring locomotives for Sheikhupura Dry Port, visit to Eui Wang Inland Container Depot, tour of Locomotive Maintenance and Central Railway Traffic Centre in Seoul and Business-to-Business meetings at Seoul Chamber of Commerce and Industry after talks with South Korean Business leaders are the main features of LCCI delegation visit to South Korea.

LCCI Executive Committee Member Khawaja Khawar Rashid, former EC member Mohammad Amjad Chaudhry, Shahzaib Gull Vohra, Shamim Ahmad Malik and Sheikh Khalid Humayun are the members of LCCI delegation.

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