Korean goods importers offered credit line

The South Korean Exim Bank has offered a credit line to Pakistani banks to finance importers of Korean goods. According to the recommendations of the Eighth Pakistan-Korea Economic Co-ordination Committee meeting of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), held here late last month and minutes of which were circulated among member bodies on October 19.
The meeting demanded of the State Bank of Pakistan to allow National Bank of Pakistan to negotiate with the South Korean Exim Bank for suitable lines of credit for Pakistani businessmen.
It further recommended that private banks of both the countries should be encouraged to open their branches in major cities. National Bank of Pakistan should take up available trade related services, including opening of letters of credits (L/Cs) for trade between Pakistan and South Korea.
THE FOLLOWING ARE OTHER RECOMMENDATIONS:
-- Special industrial zones be allocated in Export Processing Zones for the South Korean companies with special package to attract Korean investors towards Pakistan.
-- Korean investors have excellent opportunities for investment in fruit and seafood packing and processing, sports goods, particularly soccer balls, cutting and polishing of marble and granite for construction and decorative products, cutting and polishing of precious and semi-precious stones, artificial jewellery, auto parts production, agricultural implements, wooden furniture production, and surgical goods.
-- There is also a considerable scope for export of seafood and rice to South Korea.
OTHER RECOMMENDATIONS INCLUDE: South Korea should relax its import rules for the products from Pakistan so that the trade imbalance could be minimised.
-- There should be frequent flights between Pakistan and Korea to facilitate the business community and movement of cargo between the two countries.
-- The recommendations further revealed that members of both the countries' business community should be granted five-year multiple visa on the recommendation of the national chambers of commerce and industry of both the countries.
-- Pakistan and Korea should organise single country exhibitions on reciprocal basis to promote their goods and services. Single country exhibition of Pakistan has not been held in South Korea since last many years.
The FPCCI and South Korean Chamber of Commerce and Industry will take up with their respective governments the question of opening display centres in major cities of both the countries.
The Ninth Joint meeting of Pakistan-Korea Economic Co-operation Committee will be held in South Korea in the last quarter of 2006.