Pakistani Prime Minister Nawaz Sharif has said he is willing to set up an industrial complex exclusively for South Korean companies to help facilitate their investment in Pakistan.

He also said he is pleased with increased investments by South Korean companies. South Korean investment in Pakistan reached an accumulated US$100 million as of last year. Two-way trade amounted to $1.17 billion for last year alone.

Sharif made the comment in summit talks with South Korean President Park Geun-hye on Sunday on the sidelines of the U.N. General Assembly in New York, according to Cheong Wa Dae, South Korea‘s presidential office.

Sharif also requested the participation of South Korean companies in various projects meant to ease Pakistan’s power shortages after Park proposed that the sides deepen bilateral cooperation in energy and port development.

Park also called for cooperation to ensure that joint research by private institutes from the two countries into a free trade deal can move forward.

Pakistan hopes to sign a free trade deal with South Korea by next year.

South Korea has clinched a series of free trade agreements with major trading partners, including the U.S. and China, in recent years as part of its efforts to boost growth in the country‘s export-driven economy.

South Korea’s exports represent around 50 percent of its gross domestic product. (Yonhap)