Mehtab Pirzada
ISLAMABAD: Ambassador of Pakistan to Korea Nabeel Munir has said that trade and economic relation between Pakistan and Korea should be enhanced as both countries are potential markets and have the great ability and resources to fulfill each other’s needs.
He was talking to APBF President Syed Maaz Mahmood, who met with the Ambassador at Pakistan Embassy in Seoul, to discuss important matters related to B2B collaborations, joint ventures, and enhancing bilateral trade between Korea and Pakistan. In the meeting, the Pakistan Embassy in Korea and the All Pakistan Business Forum (APBF) agreed to give intra-trade a new boost through joint ventures between the private sectors of the two countries. Several ideas were discussed to bring awareness about opportunities on both sides of the business communities through regular contact and exchange of information for the businesses of Korea and Pakistan.
On this occasion, Nabeel Munir acknowledged and appreciated APBF efforts and initiatives taken by it for the business community of Pakistan. He observed Pakistan is a very potential market, adding that doing business in country like Pakistan is always very profitable. He said that Korea and Pakistan remain actively engaged in various fields such as climate change, cultural exchange, and information technology. Many Korean investors are also interested in the Pakistani market, investing over $39 million last year alone. The 13,000 Pakistanis in Korea also contribute invaluably to the Korean economy to further solidify relations.
Korean companies already operate in Pakistan in diverse sectors. Daewoo, Samsung, Lotte, LG, Hyundai, and Kia are household names in Pakistan. While Korean companies are welcome to invest in any sector, food processing, the automotive industry, I.T., hospitality/tourism, textiles, housing and construction, and logistics are areas in which Korean companies enjoy a competitive advantage.
Speaking on the occasion, the APBF President applauded Nabeel Munir for the efforts being made by him to increase collaboration on both sides between Korea and Pakistan through his diligent working. APBF President assured his full commitment to work closely with his office and Excellency welcomed this with great enthusiasm.
Syed Maaz Mahmood briefed the Pakistan ambassador about the APBF efforts and initiatives to increase bilateral trade, facilitating business community for ease of doing business and promoting the real and positive perception of Pakistan at every platform.
Syed Maaz Mahmood observed that Pakistan with a $347 billion economy, a youthful population of 220 million, a location at the crossroads of South and Central Asia and the Middle East, and investor-friendly policies, is open for business.
He said that Korea is an important trading partner of Pakistan. South Korea is the second biggest export destination of Pakistan in East Asia after China. It comes at 14th place among the top importing countries and at 16th place among the top exporting countries for Pakistan.
He said that the 16 designated Special Economic Zones in Pakistan offer lucrative incentives for investors. Korean companies are welcome to start businesses in established SEZs or develop a Korean SEZ anywhere in Pakistan. Benefits include a one-time exemption from customs duties and taxes for all capital goods imported into Pakistan for the development, operations, and maintenance of the SEZ. Similarly, the China-Pakistan Economic Corridor, a game-changing development of the Belt and Road Initiative, is open for third-party collaboration.
