KARACHI: According to the Korean Ambassador to Pakistan Suh Sangpyo, South Korea is looking forward to improving bilateral relations with Pakistan and encouraging the conduct of business-to-business (B2B) meetings.
Sangpyo urged businessmen from both sides to discover new trade avenues at a meeting with members of the Federation of Pakistan Chambers of Commerce and Industry’s (FPCCI) Pakistan-Korea Business Council on Monday.
The envoy said that Korean investors have shown keen interest in Pakistan’s energy and technology sectors, which he described as suitable for foreign investment.
Ismail Suttar, chairman of the Pakistan Salt Manufacturers Association, said that in a meeting with the Korean consul general last week, he highlighted the huge potential for exporting Pakistani salt to Korea, which is a net importer of the product.
“There is almost zero production of salt in Korea, and Pakistan has a good chance for export. The consul general has promised to look into it and provide all possible help,” he added.
Suttar observed that the Koreans could teach us a lot because they excelled in a variety of economic disciplines.
He recalled a team’s visit to China in 2014, where they learned about intellectual property rights (IPO), saying, “they have a wonderful system; our delegation of industrial stalwarts as well as university professors learnt a lot”.
“Taking advantage of Korea’s expertise in the energy and IT sectors, Pakistan can overcome the energy shortfall and also export its IT services to put the economy on a rapid growth path,” the envoy added.
He applauded the Pakistan-Korea Business Council for strengthening bilateral trade.
Sohail Nisar, Chairman of the Pakistan-Korea Business Council, said that Korea, the world’s ninth-largest economy, was a trustworthy and strong partner for Pakistan.
He highlighted that Korea wanted to invest at least $1 billion in Pakistan. “If both sides work according to their real potential to boost bilateral trade, the economies of Pakistan and Korea will reap tremendous benefits.”
He stated that Korea wished to establish roughly 50 small-scale plants and build joint ventures with Pakistan, as well as manufacturing electric motorbikes, rickshaws, and automobiles.
“Korea wants to import $300-400 worth of IT services from Pakistan, which will boost Pakistan’s exports,” he added.
Nisar called for inking a free trade agreement between Pakistan and Korea. “Korea has a market of 20,000 tons of fruits, and the government should allow and facilitate mango exports to Korea; vegetables and frozen fruits have also great demand in Korea.”
Arif Habib Commodities CEO Ahsan Mehanti told that South Korea was actively seeking trade with Pakistan.
“Pakistan needs investment in automobile and heavy industrial products to meet domestic demand and earn through exports. Also, exports of agri-products and IT services can help Pakistan stabilize the falling rupee,” he added.
