Pakistan’s economy showing positive signs: S. Korean Envoy

ISLAMABAD –– South Korean Ambassador to Pakistan Mr. Choi Choong- Jee on Tuesday said Pakistan’s economy is showing sign of recovery that can be accelerated through consistent policies, stability, improved environment and single-minded focus on development.

Mr. Choi Choong- Jee said this while talking to a delegation of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) led by Hameed Akhtar Chadda. The delegation included Malik Sohail Hussain, Arif Rafique, Tariq Mehmood and Shahid-ur-Rehman.

He said that trade volume is increasing but it is below the actual potential that can be boosted through sincere efforts by the business community. We want to work with private sector so that this great nation can become a major trading partner of South Korea, he added.

Asking the delegation to provide sector-specific plans and help identify snags barring improved trade, he expressed resolve to contribute towards enhanced cooperation and development of Pakistan.

He said that the non-availability of appropriate trade-related information is one of the hurdles that need to be addressed. The Ambassador informed that Pakistani business community could benefit from Korean SME sector that offers great potential.

He assured support in establishing contacts between federal chambers of the two countries and promised help to Pakistani businesspersons explore opportunities in sectors like automobiles, pharmaceutical, textiles, machinery, cutlery, surgical instruments, trade fares and exhibitions.

At the occasion, Hameed Akhtar Chadda, Chairman FPCCI Capital Office welcomed the investment by South Korean conglomerate LOTTE in Pakistan saying that sectors like oil and gas, mining, energy, IT, telecom, food, agriculture, beverages, transport and tourism offer great opportunities to all foreign investors.

Malik Sohail Hussain said that we should organise single country trade fairs to promote products, encourage investments and widen network of Pakistani market.

“Such events provide a platform to meet interested buyers, sellers or distributors and provides excellent opportunities to bring in foreign investment,” he said.

Arif Rafique, President Attock Chamber of Commerce and Industry said that South Korea can consider making special economic zones in Pakistan to benefit from liberal incentives and special concessions.

The Ambassador took special interest in mineral sector that grew by 32 per cent. He directed his deputies to meet with Shahid-ur-Rehman, Chairman Marble Association of Pakistan to look into different business possibilities including sale of Korean machinery and JVs.

He also assured VP, Attock CCI Tariq Mehmood to provide support in getting details of Korean pharmaceutical companies so that medicines that are not available locally can be imported.

Mr. Choi Choong- Jee agreed to the proposal of Chairman FPCCI Standing Committee Media and PR Malik Sohail that recent disasters Japan which has resulted in supply chain disturbances that calls for diversity in imports, especially in the automobile sector. “Relying on single source never makes sense,” he remarked.

Malik Sohail Hussain invited the Ambassador to visit FPCCI to explore venues of mutual benefit. He informed that national business leaders Tariq Sayeed, Iftikhar Ali Malik and Senator Ghulam Ali have directed the business community to provide maximum support to the Korean investors in realizing their objectives.

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