Vice President of Lahore Chamber of Commerce and Industry (LCCI), Fahim-ur-Rehman Sehgal said that there is a huge scope for boosting trade and economic ties between Pakistan and Korea. Private sectors of the two countries should establish close contacts and step into joint ventures to avail huge trade and investment opportunities.
While talking to a top businessman from South Korea, Jong Woo Lee here at LCCI, he said that governments of the both countries should also remove lacunas hindering the growth of two-way trade. While citing the example, he said that 13 percent and 0.5 percent import duty is imposed in Korea on imports of gloves and leather respectively from Pakistan while there is zero percent duty on import of same items from India, Vietnam, Bangladesh and Indonesia. He said that removal of this discrimination can help boost trade between the two countries.
Fahim-ur-Rehman Sehgal said that intra-trade should be given a new boost through joint ventures between the private sectors of the two countries. He said that trade and economic cooperation between Pakistan and Korea should be enhanced as both countries are potential markets and have the abilities and resources to fulfill each other's needs.
The way different Korean companies are gaining success in Pakistan that day is not far away when Korea will outclass other countries in terms of foreign direct investment. He said that Pakistan is ready to facilitate new Korean companies to study the market conditions in Pakistan.
He said that Korea has already declared Pakistan as a priority destination for investment and business. He said that the success stories of leading Korean business groups in Pakistan can serve as a strong reference to other Korean companies to invest here.
The LCCI vice president said that considering the size of Korean economy which is one of the trillion economies of the world and also ranked among the twenty largest economies, Pakistan can benefit by way of developing trade and economic relations with Korea.
"The quickest way to achieve the desired objective is to highlight the need of diversifying product lines of both countries through mobilizing business forums, exchanging business delegations and participating in each other's exhibitions. For that purpose, market surveys and latest trends prevailing in both the countries must be gathered and shared with the representatives of private sectors", he added.
He said that both countries have decade's old economic relations and also experienced good outcomes of joint ventures in various fields like telecommunications, electronics, chemical industry, automobiles industry and construction. A lot of development work is going on with respect to Pak-China Economic Corridor. Korea should forecast the newer opportunities which really promise good fortunes to foreign investors, he added.
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