ISLAMABAD: Korean investors are said to have raised questions to the visiting Pakistani Commerce Minister Jam Kamal Khan on the existing projects facing various issues in his country.
During the discussion, Executive Director UM Sung-Yong of the EDC Operation Group at the Export-Import Bank of Korea (Korea Eximbank) provided an overview of the ongoing projects in Pakistan, highlighting the processes involved in their approval, scrutiny and execution.
According to an official statement, the meeting focused on the progress of ongoing development projects and opportunities for future collaboration.
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He appreciated the role of Pakistani departments for their efficient handling of projects from concept stage to completion.
UM Sung-Yong also announced that $1.1 billion has been allocated from the Economic Development Cooperation Fund (EDCF) for development projects in Pakistan for the period 2022-2026.
He noted that while the allocation reflects Korea’s strong commitment to Pakistan, only two loans worth $113 million have been approved so far.
He emphasized the need to strengthen cooperation to expedite approvals for the remaining projects.
The Executive Director further expressed optimism for deepening cooperation in the future and appreciated Pakistan’s efforts to foster an enabling environment for international development partnerships.
Jam Kamal Khan conveyed Pakistan’s gratitude to Korea Eximbank for increasing EDCF funding to $1 billion.
Commerce Minister emphasized the need for Korea Eximbank to establish an EDCF country office in Pakistan, which would enhance coordination and accelerate project approvals.
He urged Korea Eximbank to expedite the formalities for the 12 pending projects to ensure timely implementation.
While acknowledging the $1.1 billion allocation for 2022-2026, the Minister stressed the importance of increasing the pace of project approvals to maximize the utilization of these funds.
Jam Kamal Khan hosted an exclusive dinner last night in Seoul to honor prominent Korean businessmen, investors, and donors of Pakistan.
During the dinner, Minister Jam Kamal Khan highlighted the vast investment opportunities available in Pakistan, particularly in its rapidly growing food and agriculture sector, technology, IT, and minerals. He emphasized Pakistan’s liberal investment regime and the country’s strategic position as an attractive destination for international businesses.
The Minister also encouraged Korean investors to participate in the upcoming FoodAg Exhibition, scheduled to take place in Lahore from February 26 to 28, 2025. The exhibition will provide a platform for Korean businesses to explore potential collaborations and ventures in Pakistan’s dynamic food and agriculture market.
Earlier on January 9, Minister Jam Kamal Khan and South Korea’s Minister for Trade, Inkyo Cheong, formally launched negotiations for an Economic Partnership Agreement (EPA). The agreement aims to unlock the untapped potential of bilateral trade, create opportunities for entrepreneurs, and strengthen economic cooperation across diverse sectors.
Minister Jam Kamal Khan called the EPA negotiations “a milestone that will unlock immense potential and create a platform for entrepreneurs from both countries to thrive together,” signaling a new era of strategic economic collaboration between Pakistan and South Korea.
Copyright Business Recorder, 2025
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