More opportunities to be explored for promotion of trade between Pakistan and Korea: Zakria Usman

Karachi, March 14, 2014 (PPI-OT): A 12-Member Trade Delegation of CEOs of Korean companies paid a courtesy call on President FPCCI Mr. Zakaria Usman and other office bearers of FPCCI today at Federation House, Karachi. Both the sides discussed various issues pertaining to promotion of bilateral trade and economic relation between Pakistan and Korea.

The delegation was led by Mr. Young Suk Kim and Mr. Kyong Mun Nam who were briefed about the FPCCI activities by Mr. Zakaria Usman, President FPCCI. Mr. Zakria Usman said that there are lots of business opportunities existing in both the countries which need to be explored by aggressive interaction between the business communities of both the countries. He further said that Pakistan is a land of opportunities for Korean investors

Mr. Zakaria Usman said that Korea is a major trading partner of Pakistan having excellent relations in the political, economic / socio economic sectors. He said that the relations established in 1968 have progressed exponentially over the years. Around 10,341 Pakistani origin people leave in South Korea which includes workers, businessmen, professionals and students.

He said Pakistan needs to make use of the experience and expertise of South Korea which is the 13th highest GDP in the world and per capita income is nearly US$20,051/-. He further informed that the bilateral trade between both the countries is around US$94 Million in 1980(s) which has now surpassed US$1.10 Billion in 2012. Pakistan’s exports to Korea are US$332.45 Million and Korea’s exports to Pakistan are US$685.7 Million. At present Pakistan’s exports of food products, fish, raw hides and skins, mineral fuel, cotton, cotton yarn, woven fabrics, rice and copper to Korea and imports iron, steel, shipping equipment, plastic products, electronic equipment and machinery from Korea.

He further said that Korean Companies have invested in chemical plants, tunnels, Hydro Power projects and Thermal Power in Pakistan while there is more scope of investment in Railways, Water Sector, Construction, Banking sector etc., and Pakistani and Korean companies can have Joint ventures particularly in Steel, Rubber Tyres, Renewable energy, Mining, Rice, Textiles, leather, seafood processing, telecommunications and electronics agriculture sector etc.

He said that FPCCI is planning to organize a Single Country Exhibition in Seoul and visit of trade delegation to Korea in the 2nd quarter of 2014 which will enhance the trust between the business communities of both the countries and explore new avenues for promotion of bilateral trade.

Mr. Young Suk Kim who was also accompanied by the Director of KOTRA emphasized on the frequent exchange of delegation so that there should be a regular interaction between the business communities. He said that Korea considers Pakistan as a potential country and intends to explore more nontraditional items for Pakistan.

The meeting was also attended by Mr. Shaukat Ahmed, Senior Vice President, Mr. Khurram Sayeed, Vice President, Mr. Mazhar Nasir, Vice President and Mr. Sohail Nisar , Chairman, Pakistan- Korea Business Council who offered to the Korean side to visit Karachi on the occasion of Expo Pakistan scheduled to be held in October 2014.

For more information, contact:
M.A.Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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