Despite negative propaganda against Pakistan in world media, an increased number of Korean corporations are interested in seeking investment opportunities in Pakistan. This was stated by the Consul-General of Republic of Korea in Karachi, In Ki Lee, at a luncheon hosted by the head of Korean Air (Pakistan), Salman Javed, here on Thursday.
He said that after the establishment of diplomatic relations in 1983, bilateral relations between Pakistan and Korea have been strengthened and expanded in almost all sectors. The volume of two-way trade between the two countries had reached the level of $1.5 billion in 2008 and $1.1 billion in 2009 despite world-wide economic crisis, he said.
He said that Pakistan possesses extremely high quality manpower and vast reservoirs of rich and precious natural resources, which, when combined with Korea's advanced technical know-how and experience in economic development, are the ideal combination for expanding existing trade and economic ties.
The Korea International Co-operation Agency (KOICA) had signed an MoU with the Ministry of Textile Industry for setting up a garment technical training centre in Karachi to enhance the competitiveness of Pakistan's textile and apparel industry by providing training and technical expertise.
Earlier, Salman Javed, who is also Chairman of the standing committee on Tourism of the Federation of Pakistan Chambers of Commerce and Industry, expressed hope that under Lee's tenure bilateral trade relations between Pakistan and Korea would grow for a win-win situation for both countries. Already, over 10,000 Pakistanis are working in Korea and identified for Korean assistance in the field of vocational training.
He said that whereas Korean war brought first boom to Pakistan's economy, adoption by Korea of Pakistan's first five-year Plan stimulated Korean economy. He welcomed Lee's positive assessment about better security, law and order situation in Karachi and other parts of the country. The lunch was widely attended by parliamentarians, representatives of trade bodies and Pakistani/Korean nationals.