South Korean Small And Medium Enterprises Eager To Invest In Pakistan
Pakistan-Korea bilateral trade was around $1.1 billion, which was quite nominal compared to both countries' real potential.
South Korean companies, especially small and medium enterprises, are keen to invest in Pakistan, said Pakistan’s former ambassador to South Korea, Shaukat Ali Mukadam.
However, the companies need information regarding the cost of land and setting up manufacturing units in Pakistan to enhance their presence in the Pakistani market.
Mukadam said this while exchanging views with the President of Islamabad Chamber of Commerce & Industry (ICCI), Sardar Yasir Ilyas Khan.
Mukadam said that there was a scope to increase the trade volume between Pakistan and South Korea.
He also urged Pakistani manufacturers to concentrate on the value addition of their products to promote exports to South Korea.
He said there was an excellent potential for the Pakistani business community to promote fruits and many other items to Korea.
Moreover, Mukadam said the Koreans had learned a lot from Pakistan in the 60s, and the secret behind their progress and prosperity was the implementation of the right policies.
Speaking on the occasion, the ICCI chief said South Korea’s annual exports stood above $500 billion.
Still, Pakistan-Korea bilateral trade was around $1.1 billion, which was quite nominal compared to both countries’ real potential.
He said that both countries were negotiating a free trade agreement that should be finalized soon to boost bilateral trade.
Moreover, Ilyas said that Pakistan needed a technology transfer from Korea to upgrade its indigenous industry, and the Pakistani Embassy in South Korea should play a role for this purpose.
He said that Pakistan’s large market of over 200 million people with its strategic location as a gateway for the Central Asian States offered tremendous opportunities to relocate Korean industries to Pakistan.
Ilyas added that many Korean companies, including LG, Samsung, Daewoo, Kia, Hyundai, were already doing business in Pakistan, and more should come to Pakistan to earn lucrative returns.
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