Ambassador of Pakistan to South Korea, Shaukat Ali Mukadam, said that a paradigm shift for Korean investment has been observed and now they are prioritising to invest in Pakistan and other regional countries while earlier they made huge investment in Western countries. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he highlighted that South Koreans see Pakistan as the most promising country for investment.
He said that owing to great trade potential the recent trade of $1.36 billion can incline to $2~3bln if trade potential is effectively utilised. He said that one Korean Steel sector giant is joining hands with Tuwarqi Steel in Pakistan. Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage highway projects endorse the Pak-Korea deep friendship.
He admired that despite of negative travel advisory, the Koreans do not hesitate to visit Pakistan. He said that Korean Premier has also signed multi-billion dollars MoU with Central Asian Republics. He said that efforts are underway to negotiate and sign Pak-Korea FTA. He informed that recently several Korean delegation visited Pakistan to explore investment opportunities in agriculture sector, halal food, particularly rice. He pointed out the immense export possibilities of mangoes, dates, fruits, readymade garments and sports goods.
He stated that around 10,700 Pakistanis are residing in Korea performing as businessmen, skilled workers and students. Pak Government is also considering establishment of a special economic zone for Korea, Ambassador maintained. President KCCI assured the Ambassador to extend best possible support and facilitation to the Korean business community. Vice-President Zia Ahmed Khan and the Managing Committee Members of KCCI also participated in the meeting.
President KCCI, Mian Ahmad urged the Korean Investors to enter into joint ventures in Pakistan in the alternate energy, agriculture and engineering sectors. He asserted upon the need of building trading blocks of Pakistan with Asian countries, Central Asian Republics and SAARC countries. He focused that the regional trade will uplift the economy of Pakistan new horizons. He was of the firm opinion that Pakistan must not rely on aid and remittances.
He voiced to enhance exports and trade. He was of the view that the aids received from USA and Western World never spent properly to boost the economy and for the benefit of masses. He lamented that Pakistan was never allowed economic independence and liberty by the developed countries which they allowed to Bangladesh, India, Malaysia and Vietnam in the region. After the establishment of Gwader port, Pakistan has been facing severe unrest by-design because the leading economies never liked this progressive development.-PR