Pakistan's economic growth has impressed the Korean companies who are eager to establish and develop their business operations here in collaboration with their Pakistani counterparts. Speaker of the South Korean National Assembly Chung Sye Kyun expressed these views while speaking at the Lahore Chamber of Commerce & Industry. LCCI office bearers, Punjab Minister for Industries Sheikh Alauddin and MNA Qaiser Ahmed Sheikh also spoke on the occasion.
Chung Sye Kyun said that Pakistan is blessed with valuable mineral and human resources. He said that both countries are enjoying good historic relations while a number of Korean companies are already working in Pakistan successfully. He was optimistic that volume of trade between Pakistan and South Korea was bound to increase as both the governments are taking measures to get the desired results. He said that the Korean delegation had a number of high-profile useful meetings with government officials and representatives of private sector.
Sheikh Alauddin said that both Pakistan and Korea have common history and supported each other during testing times. South Korea has played a significant role in economic development of Pakistan and completed many mega projects including Islamabad-Lahore Motorway. The government is encouraging foreign investment. Korean investors should come forward and avail this opportunity, he added.
The LCCI President Abdul Basit said, "We need to enhance relations and liaison with South Korean Universities which will help us in producing hardworking and skilled employees. South Korea has one of the largest Pakistani communities in Asia. It also remains a popular destination for many Pakistanis as they find equal opportunities to contribute in that society and are playing excellent role in all the segments of life.
South Korea is pioneer in export led growth model. Pakistan needs advice to increase its exports. LCCI is in the process of formulating an industrial policy, he said. We will welcome your support in this regard. He said that Halal food trade has US $300 billion potential. Pakistan can increase its exports by exporting Halal food to South Korea.
In the area of Electronic, Electric Engineering and IT Pakistan and South Korea need to have strong ties, he said. In 2015 the total volume of bilateral trade was US $997 million and in 2016 the total volume decreased to US $989 million. We need to promote bilateral trade with each other as there is immense potential between the countries", he added.