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Ambassador of the Republic of Korea Park Ki Jun. — APP/File
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KARACHI: Ambassador to the Republic of Korea Park, Cab Jun, has said that talks will be launched in the first half of this year for the Korean Pakistan Economic Partnership Treaty (EPA), which aims to strengthen economic relations and unlock new opportunities for mutual cooperation between the two countries.
Addressing the Karachi Chamber of Commerce and Industry on Wednesday, he emphasized the possibility of mutual beneficial partnerships, taking advantage of Pakistan’s full resources and Korea’s modern technology.
Referring to the recent announcement of Pakistan’s Commerce Minister Jam Kamal Khan and Korean Trade Minister during a visit to Korea on January 9, he said, “We now have to go beyond friendship and develop mutual beneficial partnerships.” Highlighting the unused capabilities of deep Korea-Pakistan cooperation, the Ambassador Park pointed out that Pakistan is proud of natural and human resources, while Korea offers modern technology and economic skills. He said that this collection creates opportunities for complementary cooperation. “Korea sees Pakistan as a growing economy with the youth population, making it an attractive destination for Korean businesses.”
Encouraging Pakistani businesses to find opportunities in Korea, Ambassador Park appealed to him to visit Korea with business leaders in Seoul for market research and direct engagement. He assured that the Korean embassy is committed to incorporating insights from the business community and maintaining close contact with the KCI for further economic cooperation.
He highlighted the strategic importance of Karachi as an economic hub, note that the city handles more than 90 % of Pakistan’s goods and offers well -developed industrial infrastructure. “Currently, eight Korean companies work in Karachi, while close to 200 Korean citizens are living in the city. He added that Karachi can play an important role in strengthening economic relations between the two countries, and KCCI played an active role in increasing trade and investment.
Ambassador Park added that Pakistan’s government is making important efforts to tackle economic challenges and advance sustainable growth. “As a result, the country’s economy performed positively last year, which has improved the key economic indicators. He said that inflation has decreased by 5.0 percent, foreign exchange reserves increased by 8.0 percent, and foreign direct investment increased by 46 percent.
He also welcomed the five -year economic development project of the Pakistani government, ‘and Pakistan’, which prefers exports, E Pakistan (digital change), environment and climate change, energy and infrastructure, and equity. He expressed confidence that the move would establish a strong foundation for Pakistan’s long -term growth, which would benefit both local businesses and foreign investors, including Korean companies.
He also acknowledged the KCCI’s influential role in the renovation of Pakistan’s economic land, which highlighted the basis of its impressive membership of more than 30,000 businesses, making it not only Pakistan’s largest chamber but also globally. He praised KCCI’s ongoing efforts to promote business growth and economic cooperation since its establishment in 1959.
Speaking on the occasion, Senior Vice President of KCCI Alfine highlighted long -standing diplomatic, social and economic relations between Pakistan and South Korea, which is related to Pakistan’s support for Korea’s initial development efforts. “Over the past years, this partnership has deepened, which has paved the way for mutual cooperation in various fields.” Arfine emphasized the importance of the EPA between the two countries, which aims to double bilateral trade and unlock new economic opportunities. He pointed out that despite the immense trade capacity, Pakistan’s exports to South Korea stood at $ 185 million in fiscal year 24, while imports were around $ 881 million. “Both countries should work towards diversifying trade in order to fully benefit these opportunities.”
Recognizing the leadership of South Korea in the artificial intelligence (AI), Arfine proposed the establishment of AI -based training programs and research centers in Karachi, Lahore and Islamabad. He also invited Korean investment in Pakistan’s dismissal sector, highlighting that South Korea’s advanced technology and expertise can help modernize Pakistan’s old refineries, improve energy safety and reduce dependence on imports.
Arfine urged Korean companies to take advantage of Pakistan’s strong textile and agriculture sectors, its 1,000 km coastline as the global market gateway, and to promote technology parks to promote economic integration.
