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Korea Importers' Association's (KOMIA) chairman and chief executive officer Taeyong Thomas Shinn on Friday urged Korean embassies and Pakistani media to highlight Pakistan's soft image abroad to attract foreign investment in the country. Shinn, who was in Pakistan to explore business opportunities, told Business Recorder that during his four-day visit, he met over 100 businessmen, representatives of trade bodies, officials of commerce ministry and Trade Development Authority of Pakistan (TDAP) and all of them have expressed their desire to strengthen business ties with Korea.
"Korean total annual imports currently stand at some $500 billion, while Pakistan's share, despite having huge raw material export market, was not more than $400 million. Our country is highly dependent on the import of raw materials from other countries as we lack natural resources to cater to the needs of our market," he added. Stressing the need for boosting trade volume between Korea and Pakistan, he said that there is a huge economic potential for the two-way trade between the two countries.
He also emphasised the need for introducing direct passenger and cargo flights between Korea and Pakistan, saying that such a move will help promote bilateral trade relations between the two countries.
To a question, he said: "It is a fact that people are reluctant to visit Pakistan as most of them rely on the Western media reports concerning incidents of terrorism and law and order situation. "Even insurance companies did not give me insurance cover when I informed them about my visit to Pakistan," he pointed out. He, however, said that during his visit to Pakistan's three major cities, including Karachi, he didn't find anything like what the media has been propagating about the country. "In fact, there was peace and hospitality everywhere," Shinn remarked.
He urged foreigners to visit Pakistan for exploring trade opportunities, besides enjoying the country's beautiful culture. "Pakistan has huge reserves of copper and I can import some 50,000 tons of copper in a month from here, but roads connectivity and shipping issues are the major hurdles behind the trade," he said, and added: "despite such issues we have initially started importing the same product in smaller quantity from several miners."
He said that Pakistan's enormous economic potential should be utilised at the optimum level for improving citizens' socio-economic life. He also asked Pakistan's embassy in Korea to hold 'Pakistan Show' to portray the country's true image before the Koreans. At the outset, Shinn said that during his visit he also signed a memorandum of understanding with Islamabad Chambers of Commerce and Industry (ICCI) and met several people associated with copper, leather, garments, cotton yarn, and towel industries.

Copyright Business Recorder, 2015

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