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Priority destination for investment, business: Ambassador

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by November 28, 2014 Industries

Karachi, November 28, 2014 (PPI-OT): Ambassador of Republic of Korea to Pakistan, Jong Hwan Song has said that Korea marks Karachi as priority destination for its investment and businesses despite growing security concerns.

“Karachi, being the financial capital of Pakistan, contributes around 65 to 70 percent to total national revenue whereas KCCI, being the largest chamber of the country, was playing a very important role in promoting trade and business ties with the rest of the world including Korea”, he added.

Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), the Korean Ambassador noted that prominent Korean companies such as Lotte PTA, Lotte Kolson, Hyundai Corporation and Ssangyong Engineering are stationed in Karachi and successfully doing business in this city.

Consul General of Korea in Karachi, Lee Chang-hee, Vice Chairman Businessmen Group and Former President KCCI, Anjum Nisar, Senior Vice President KCCI, Mohammad Ibrahim Kasumbi, Vice President KCCI, Agha Shahab Ahmed Khan, Counsellor and Economic Affairs of Korean Embassy, Mr. Park Bongsu, Director KOTRA Karachi Mr. Son Soo Youn, Economic Affairs Officer of Korean Embassy, Ms. Baik Song Hye, Chairman Diplomatic Missions and Embassies’ Liaison Sub-Committee KCCI, Muhammad Naeem Sharif and KCCI Managing Committee members attended the meeting.

Highlighting the existing trade ties between the two countries, the Korean Ambassador pointed out that Korea-Pakistan trade volume has descended slightly to $1.34 billion in 2013 as compared to $1.6 billion in 2012. “Korea’s export to Pakistan decreased about 3 percent while Pakistan’s export has declined 33 percent which is a matter of concern for all of us”, he added.

Commenting on narrow trade base between the two countries, the Ambassador underscored the need to broaden it by diversifying product lines of both countries through joint research based business forums, exchange of business delegations, and participation in each other’s exhibitions.

He informed that under a Memorandum of Understanding (MoU) between both governments, a private level joint research for exploring the possibilities of Free Trade Agreement (FTA) was also underway. Korean Envoy was fairly optimistic about the positive results of research which would pave way to improved trade volume in the years to come. “Such measures will help enhance trade relations which are far below the potential what we have or can have”, he added.

The Envoy, while extending full support to Karachi Chamber from Korean Embassy in Islamabad, Korean Consulate in Karachi and KOTRA, assured that every possible facility will be provided to promote bilateral business.

Speaking on the occasion, Vice Chairman Businessmen Group and Former President KCCI, Anjum Nisar stressed the need to explore causes of shrinking trade between Pakistan and Korea. He urged the Korean investors to invest in various potential sectors of Pakistan’s economy which would surely ensure lucrative business for Korean investors, prove favorable for Pakistan’s economy and create many employment opportunities.

Earlier, while welcoming the Korean Ambassador, Senior Vice President KCCI, Mohammad Ibrahim Kasumbi said that Pakistan and Korea share history of diplomatic, economic and political cooperation. The Korean government has always supported socioeconomic development in Pakistan which has resulted in strengthening ties between the two nations.

Expressing concern over low trade between the two countries, Ibrahim Kasumbi said that both sides need to identify their weaknesses and accordingly devise a clear strategy which must focus on trade and economic expansion.

“We need to find ways and means of enhancing trade ties between the two countries. In this regard, some of Pakistan’s potential sectors particularly the automobile, petrochemicals, and plastic etc. offer immense investment opportunities and joint venture possibilities to Korean business community”, he added.

He was of the view that direct interaction between the business communities of both countries will enable both to better explore the opportunities for cooperation in various fields.

Ibrahim Kasumbi also invited Korean companies to participate in KCCI’s 12th My Karachi – Oasis of Harmony exhibition scheduled to be held from 10th to 12th April, 2015 at Karachi Expo Center. It will provide a perfect platform for Korean businesses to showcase their products and services and hold B2B meetings with local and international delegations, he added.

For more information, contact:
Aamir Hassan
Director Press/Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Phone: +92-21-99218001-09
Fax: +92-21-99218040

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