ISLAMABAD: Pakistan is one of several countries to have diplomatic and economic relations with Korea but bilateral trade between Pakistan and Korea is still below the potential and both countries should work closely to explore the untapped areas.
Ambassador of Democratic People’s Republic of Korea, H.E. Mr. Ro Kyong Chol made these remarks while talking to President, Islamabad Chamber of Commerce and Industry (ICCI), Mahfooz Elahi during his visit to Chamber. He exchanged views on common interests and agreed to strengthen economic relations between the two countries.
He informed that Korea has abundance of natural resources like coal, limonite, steel, graphite and lead. He said that Korea was producing 50 percent electricity from the coal while rest of electricity demand was met by hydropower plants.
The Ambassador said that Korean government was giving priority to its heavy industry as Korean Shipbuilding Industry has observed massive growth along with other supporting industries.
He also said that Korea has been practicing the policy of free education and has more skilled labour force. He has shown interest to sign a Memorandum of Understanding (MoU) with ICCI to enhance bilateral trade.
In his welcome address, Mahfooz Elahi, President ICCI said that by increasing people to people contract, bilateral trade between Pakistan and Korea could be enhanced. He suggested that cooperation could be enhanced in petroleum, energy, tourism, surgical, sports goods, textile, agro, pharmaceutical and marble sectors.
He said that Korean capital and technology combined with Pakistani manpower in diverse sectors such as textiles, leather, construction, telecommunications, pharmaceuticals and IT could create synergy in manufacturing and service sectors, which would be mutually beneficial for both the countries.
He said that marble and granite sector was fast growing sector in Pakistan with huge investment potential, adding that Korean business community should come forward and invest in marble and granite industry.