Pakistan most promising country for investment by Koreans

Karachi: Karachi Chamber of Commerce and Industry’s President Mian Abrar Ahmad expressed that Pakistan is the most promising country for investment by Koreans; immense opportunities exists to enter into joint ventures in Pakistan in the alternate energy, agriculture and engineering sectors.

While exchanging views with the Ambassador of South Korea to Pakistan H.E. Choong Joo Choi, he was of the view that owing to Pak-Korea great trade potential the recent trade of about $1.3bn may incline to $2~3bn while effectively tapping the existing true potential.

He asserted upon the need of building trading blocks of Pakistan with Asian countries, Central Asian Republics and SAARC countries. He focused that the regional trade will uplift the economy of Pakistan new horizons. He was of the firm opinion that Pakistan must not rely on aid and remittances. He was of the view that the aids received from USA and Western World never spent to boost the economy and the benefit of masses.

He lamented that Pakistan was never allowed economic independence and liberty by the developed countries which they allowed to other countries in the region. It is learned that Lotte the Korean giant in Pakistan was further expanding its business while companies in steel sectors were also interested in invest in Pakistan. Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage Highway projects endorse the Pak-Korea deep friendship. He admired that despite of negative travel advisory, the Korean do not hesitate to visit Pakistan. He also urged both governments to expedite negotiations to sign FTA.

He also enlightened the Ambassador about the key role of Karachi Chamber in the socio-economic development of Pakistan and informed about the aims of KCCI to develop regional trade. He urged the Ambassador to suggest and convince the Seoul Chamber to form Karachi-Seoul Joint Chamber of Commerce and Industry on the pattern of Pakistan-Afghanistan Joint Chamber which KCCI formed last year. He also requested the Ambassador to invite business delegation and exhibitors to participate in the Karachi Chamber’s My-Karachi Oasis of Harmony Exhibition scheduled to be organized in July 2012.

Ambassador of South Korea in Islamabad H.E. Choong Joo Choi recognized the vibrant role of Karachi Chamber to promote trade and industry. He said that Koreans would like to see Pakistan as rich and prosperous country. Immense possibility of economic and commercial cooperation do exist, he said. He was of the view that the Chambers of two countries should play vibrant role to facilitate the private sectors of both sides.

He recommended the President KCCI to compose a business delegation to visit Korea. KCCI is expected to play the leading role to enhance bilateral trade, he anticipated. He assured best support from the Korean Embassy and Consulate General to the members of KCCI. Consul General in Karachi In Ki Lee stated that the Korean Consulate General was maintaining close liaison with KCCI to facilitate its members. Director Korea Trade Investment Promotion Agency (KOTRA) office in Karachi Young Hwa Jung said that KOTRA was committed to facilitate business community and interested businessmen may contact him.

Former President KCCI Majyd Aziz was of the view that KOTRA should offer entrepreneurship development courses as offered by JETRO of Japan to Pakistani entrepreneurs. He said that Pakistan-Japan Business Forum’s initiative of Special Economic Zones (SEZ) has become the part of Government’s policy and SEZ law was in the cabinet for approval.

Special Economic Zone for Koreans investors may be established in Karachi where Korean investors may enjoy special benefits offered in SEZ. Senior Vice President KCCI Younus Muhammad Bashir, Vice President KCCI Zia Ahmed Khan, Managing Committee Members Shamim Firpo, Aslam Firpo, Akhtar Jamil, Sohail Ahmed and Azhar Puri also participated in the meeting. President KCCI also presented Chamber’s crest to the Ambassador.

For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road,
Shahrah-e-Liaquat, Karachi-74000
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010

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