Industry

Korea keen to boost bilateral trade, joint ventures, in energy, IT sectors

Pak Korea FTA should be settled soon: Sohail Nisar

Karachi, May 23, 2022: H.E Suh Sangpyo, Ambassador of the Republic of Korea, while expressing his desire to boost bilateral trade relations with Pakistan, urged the business community of both countries to find new avenues for trade in each other’s countries. In this regard, the Embassy will fully support the conduct of B2B meetings.

Korean Envoy, while addressing a meeting of Pakistan-Korea Business Council of FPCCI held at a local hotel in Karachi, describing Pakistan’s energy and IT sectors as attractive for joint ventures and foreign investment, said that Korean investors have a keen interest in Pakistan’s energy and information technology sectors.

H.E Kim Haksung, Consul General of South Korea, directors and members of business council Abid Nisar, Hassan Sohail, Hilal Afridi, Sohail Usman, Iftikhar Ashraf, Muzammil Sohail, Shahzad Aslam, Salim Godil, Babar khan, Naveed Mazhar have also attended the meeting.

“Taking advantage of Korea’s expertise in energy sector, Pakistan can easily overcome the energy crisis and export its IT services to put its economy on the path to rapid growth”, envoy said, also appreciating the efforts of Sohail Nisar, Chairman Pak-Korea Business Council FPCCI for promoting bilateral trade between the two countries.

Sohail Nisar, Chairman, Pakistan-Korea Business Council of FPCCI for 12 consecutive years, said that Korea, the world’s ninth largest economy, is a reliable and strong partner of Pakistan. Korea wants to invest at least 1billion dollars in Pakistan. If both sides make efforts according to their real potential to boost bilateral trade, the economies of Pakistan and Korea will not only reap tremendous benefits.

“Korea wants to set up about 50 small scale units and joint ventures with Pakistan, also interested in joint ventures in electric motorbikes, rickshaws and cars”, Chairman of Pakistan-Korea Business Council said, adding that in addition, Korea wants to import 300-400 million worth of IT services from Pakistan, which will boost Pakistan’s exports.

Sohail Nisar urged to ink FTA between Pakistan and Korea PFY, DTY Chapter 5402-4700, 5402-3300 and other items as per promised. “Korea has a market of 20,000 tons of fruits, and due to our efforts the government allowed mango exports to Korea, so the government should facilitate the export of mangoes and allow traders to export also, while vegetables, frozen fruits also have great demand in Korea”.

Chairman, Pakistan-Korea Business Council requested Prime Minister Shehbaz Sharif and Finance Minister Miftah Ismail to form a high-level trade delegation to visit Korea to review business opportunities and discuss issues of mutual interest with the Korean Prime Minister, businessmen and investors. Similarly, a meeting of Pakistani businessmen with a Korean Envoy should also be arranged in Islamabad for a detailed discussion on joint ventures.

Sohail asked the Finance Minister Miftah Ismail to reduce the 5 percent withholding tax levied on the Indenting Commission to 1 percent, as a result of which huge remittances would come to Pakistan.

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