KARACHI: President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh has expressed serious concern over the fact that Pakistan’s trade deficit with South Korea has ballooned to approximately $1.4 billion, and called upon the business community, commerce ministry, embassies and consulates of the two countries, and the counterpart chamber of commerce in Korea to play their respective roles in promoting bilateral trade and economic cooperation.

Speaking during a meeting at the FPCCI offices, Mr Sheikh said that Pakistan should focus on exporting value-added textile products to Korea, exploring the opportunities in the Korean processed foods market, tapping into the vast animal feed demand there; setting up automobile assembly and manufacturing plants in Pakistan through FDI and joint ventures, enhancing export of human resource capital, and making full use of the facilitative programmes of the Korea Trade-Investment Promotion Agency (KOTRA).

Kim Haksung, the consul general of Korea in Karachi, extended his support to the Pakistani business, industry and trade community to explore new avenues of trade and economic cooperation. He also welcomed the suggestion to have a more active KOTRA presence in the country to support Pakistani business community.

Suleman Chawla, senior vice president of the FPCCI, said that Pakistan should look for technology transfer, industrial collaboration, and machinery import for a sustainable and tangible growth in Pakistan’s various industrial sectors.

Chairman of the Pak-Korea Business Council Sohail Nisar stated that approximately $300 million worth of exports to Korea is way below the potential and that KOTRA should come forward to help Pakistani exporters by providing technical expertise, facilitating understanding of Korean import standards, promoting business, trade and tourism activities, and helping organise trade fairs and exhibitions.

Copyright Business Recorder, 2022