Korean companies would like to invest in Pakistan

Companies based in the country of South Korea are trying to get their hands on information which gives them some insight in to what the cost of land in Pakistan for setting up manufacturing units is, that is what Shaukat Ali Mukadam, Pakistan’s former ambassador to South Korea, said during a meeting with Sardar Yasir Ilyas Khan, the President Islamabad Chamber of Commerce and Industry (ICCI), 

The former ambassador believes that these South Korean companies, especially small and medium enterprises (SMEs), have expressed a keen desire to invest in the country of Pakistan and make their presence known. He further added that there was a very good scope for increasing trade between Pakistan and South Korea has requested Pakistan’s manufacturers to concentrate on value addition in their products to enhance the quality of exports. 

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Mukadam, also believes that Pakistan’s business community possesses the potential to export fruits and other goods to  Korea, and wanted the Chamber of Commerce to recognize that it was the same nation of South Korea that learned a lot from Pakistan during the 1960s and later on achieved steady progress by implementing the right policies at the right time. 

ICCI Chief, Sardar Yasir Illyas Khan added, Pakistan-Korea bilateral trade was around $1.1 billion even though South Korea’s annual exports stood above $500 billion. He also told the Chamber that both countries are currently in the middle of  negotiating a free trade agreement, which will finalized as soon as possible in a bid to improve the overall trade between both parties. 

He further added that Pakistan being good exporters of items such as textile goods, cotton, fruits, rice, rawhide, and skin, fish, surgical instruments, medical apparatus, toys and games, and leather products, could export these items to Korea, adding that a little more attention from the Korean government and businessmen could help increase Pakistan’s exports to Korea significantly, which will not only improve the trade between the two countries but will also prove to be beneficial for both sides!