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Pakistan eyes Korean investments, suggests potential sectorsBy Sanjay Kumar
Published : July 27, 2023 - 15:42
Officials and representatives from Pakistan showcased trade and investment potential at the Pakistan-Korea trade and investment conference seeking Korean investments at the Ambassador Hotel in Seoul, Thursday.
Attendees shared diverse ideas and business solutions in energy, construction, minerals, agriculture, food processing, textiles, automobiles, information technology and telecommunications to reach out to investors and key figures taking the lead.
Underscoring Pakistan’s economic outlook and liberal investment regime, Pakistan’s Board of Investment Director General Nadeem Bashir showcased Pakistan as the industrial hub of South Asia with a consumer market of more than 240 million people and the potential to access one-third of the world’s gross domestic product through the China–Pakistan Economic Corridor.
Bashir urged Korean companies to exploit opportunities in renewable energy, food processing, logistics, IT, pharmaceuticals, textiles, housing and construction, electric vehicles, tourism and hospitality, citing the remarkable presence of more than 1,000 multinational companies operating in Pakistan today.
Discussing trade trends between Korea and Pakistan, Hong Chang-seok, the director of Asia and Mideast and Africa research team at the Korea Trade-Investment Promotion Agency, revealed that Korea's exports to Pakistan were just short of $1.2 billion, experiencing a 22.4 percent decline year-on-year. However, imports from Pakistan saw a significant increase of 48.4 percent year-on-year, reaching $487 million in 2022.
Hong cited Lotte, Kumyang, LS Cable & System, Posco, Samsung and DL E&C as major cases of Korean investment in Pakistan, encouraging Korean companies to utilize Pakistan’s low labor costs, abundant workforce, easy communication and "Make in Pakistan" policy.
"More than 20 global car manufacturing plants have been involved. Hyundai-Kia Motors also began production in Karachi," he added.
The CEO of The Korea Herald, Choi Jin-young, emphasized the 40th anniversary of Pakistan-Korea relations and the significant role played by Korean companies like Daewoo Engineering and Construction and K-Water.
He recalled milestones achieved by building crucial highways like the 357-kilometer Islamabad-Lahore route in Pakistan through Korean expertise.
"Pakistan and Korea shall prepare to achieve prosperity through milestones over the next 40 years," Choi added, envisioning a prosperous future for both nations.
In his opening remarks at the conference, Pakistani Ambassador to Korea Nabeel Munir urged Pakistani businesses to learn from their Korean counterparts and embrace technological advancements to transform the industrial sector.
Munir also paid tribute to those who sacrificed their lives during the Korean War, commemorating the 70th Anniversary of the Korean War Armistice Agreement signed on July 27, 1953.
Attendees at the event observed 20 seconds of silence in solemn remembrance of these sacrifices.
The Korea Herald participated in the conference as a media partner, with its CEO, executives and journalists in attendance.
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