Korea wants enhanced trade cooperation with Pakistan

* Chung Hong-won says privatisation process will lead to economic growth in Pakistan * Nawaz invites Korean PM to prepare 'Country Partnership Strategy'

ISLAMABAD: Prime Minister of Republic of Korea, Chung Hong-won said on Monday that Korea looks forward to enhancing bilateral trade relations with Pakistan in different sectors, including infrastructure, automobile and chemicals. 
“Since 1983, both countries have been engaged in friendly relations and bilateral trade volume between the two countries has reached $1.3 billion which can be further enhanced by boosting mutual trade,” Chung said while addressing Pakistan-Korea Investment Cooperation Forum. He said Pakistan’s population primarily consists of young people with professionals in information technology, and Korea could help those young people in their skill development for the benefit of Pakistan. 
Appreciating the present government’s pro-business policies, the Korean PM said, “I am confident that the new government is following pro-business policies and is also serious in the privatisation process, which will lead to economic growth in the country.” He said that the Korean companies have world-class equipment in infrastructure sector and assured the help of his country to Pakistan in this sector. On the occasion Federal Minister for Water and Power Khawaja Muhammad Asif said that economic and trade relations with Korea would be of extreme importance for the present government.
He invited Korean investors to Pakistan, saying “We can mutually work together for economic development of the two countries and benefit of their people”. Board of Investment (BoI) Chairman Dr Miftah Ismail, in his welcome address, said that currently 20 Korean companies have permanent establishment in Pakistan in different sectors, including energy, engineering, automobiles, infrastructure, chemicals and electronics. He assured the Korean investors of every possible facility and said that they have more investment opportunities in Pakistan in energy, oil and gas, infrastructure, livestock, corporate farming, fisheries, forestry, IT and communication, cell phones, e-commerce, software and IR parks.
The South Korean premier and his high-level delegation met Prime Minister Nawaz Sharif on Monday. Sharing his views on the occasion, he said, “We are interested in learning from the Korean experience.” Nawaz said Pakistan has proposed a comprehensive Free Trade Agreement (FTA) that covers trade, investment and services so that trade between the two countries could be further enhanced. The PM stressed upon the need of preparing a Country Partnership Strategy between the two countries.

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