South Korea sees investment in Pakistan profitable

KARACHI: South Korea sees Pakistan as the most promising country for investment owing to great trade and business potential. Trade between the two countries can be increased if trade potential is effectively utilized.

This was stated by Shaukat Ali Muqaddam, Ambassador of Pakistan to South Korea, during his meeting with Mian Abrar, President Karachi Chamber of Commerce and Industry, here on Monday.

He said that paradigm shift for Korean investment has been observed and now they are prioritizing to invest in Pakistan and other regional countries while earlier they made huge investment in Western countries.

Ambassador said that Korean giant Lotte was ranking among top ten in Asia, which purchased PTA plant in Karachi and is further expanding its business in chemicals and allied sectors. Other Korean leading consortiums are investing in hydro-power and steel sectors, he said.

He said that one Korean steel sector giant is joining hands with Tuwarqi Steel in Pakistan. Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage highway projects endorse the Pak-Korea deep friendship, he added.

Shaukat said that despite of negative travel advisory, the Koreans do not hesitate to visit Pakistan. He said that Korean Premier had also signed multi-billion dollars MoU with Central Asian Republics, adding that efforts are underway to negotiate and sign Pak-Korea FTA.

He added that recently several Korean delegations visited Pakistan to explore investment opportunities in agriculture sector, halal food, particularly rice.

Around 10700 Pakistanis were residing in Korea. Pak Government was also considering establishing a special economic zone for Korea, he added.

Mian Abrar Ahmed urged the Ambassador to convince the Seoul Chamber to form Karachi-Seoul Joint Chamber of Commerce & Industry on the pattern of Pakistan-Afghanistan Joint Chamber which KCCI formed last year.

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