Economic growth of Pakistan impresses Korean companies

Lahore, August 09, 2017 (PPI-OT): Economic growth of Pakistan has impressed Korean companies and they are eager to establish and develop their business operations here in collaboration with their Pakistani counterparts. These views were expressed by the Speaker of the South Korean National Assembly Chung Sye Kyun while speaking at the Lahore Chamber of Commerce and Industry.

The LCCI President Abdul Basit, Senior Vice President Amjad Ali Jawa, Vice President Muhammad Nasir Hameed Khan, Provincial Minister for Industries Sheikh Alauddin and MNA Qaiser Ahmed Sheikh also spoke while Chairman TEVTA Irfan Qaiser Sheikh, Zafar Iqbal Ch., Zeeshan Khalil, Mian Abdul Razzaq, Awais Saeed Piracha, Mian Muhammad Nawaz, Tariq Mahmood, Tahir Manzoor Ch, Syed Mukhtar Ali and members of Korean Parliament were present on the occasion.

Chung Sye Kyun said that Pakistan is blessed with valuable mineral and human resources. He said that both countries are enjoying good historic relations while a number of Korean companies are already working in Pakistan successfully. He expressed the optimism that the volume of trade between Pakistan and South Korea was bound to increase as both the governments are taking measures to get the desired results. He said that the Korean delegation had a number of high-profile useful meetings with government officials and representatives of private sector.

The LCCI President Abdul Basit said that exchange of parliamentary delegations between Pakistan and Korea is indeed a commendable activity. South Korea is famous for its spectacular rise from under developed economy to developed, high income economy in just a few decades. It has a literacy rate of almost 100%. Its literacy, education and agrarian reforms translated into industrial growth.

He said that education paves the way for innovation and creativity. Industrial growth transformed the living standards for the marginalized group and this is the only way to improve the living standards. South Korea is one of the most popular destinations for higher studies. We need to enhance relations and liaison with South Korean Universities which will help us in producing hardworking and skilled employees.

Abdul Basit said that South Korea has one of the largest Pakistani communities in Asia. It also remains a popular destination for many Pakistanis as they find equal opportunities to contribute in that society and are playing excellent role in all the segments of life.

South Korea is pioneer in export led growth model. Pakistan needs advice to increase its exports. LCCI is in the process of formulating an industrial policy. We will welcome your support in this regard. He said that Halal food trade has US $300 billion potential. Pakistan can increase its exports by exporting Halal food to South Korea. In the area of Electronic, Electric Engineering and IT Pakistan and South Korea need to have strong ties.

“It is our good luck that today Parliamentarians from South Korea who have a great role in policy making are amongst us. We hope that our relations with Korea will improve and today’s meeting will go a long way in strengthening political as well as the trade and investment relations between the two countries. In 2015 the total volume of bilateral trade was US $997 million and in 2016 the total volume decreased to US $989 million. We need to promote bilateral trade with each other as there is immense potential between the countries”, the LCCI President concluded.

The LCCI Senior Vice President Amjad Ali Jawa invited the Korean investors to take full advantage of the trade and economic opportunities available in pharma sector of Pakistan at vast scale. Provincial Minister Sheikh Alauddin said that both countries have common history and supported each other during testing times. He said that South Korea has played a significant role in economic development of Pakistan and completed many mega projects including Islamabad-Lahore Motorway. He said that government is encouraging foreign investment. Korean investors should come forward and avail this opportunity.

MNA Irfan Qaiser Sheikh said that Pakistan and Korea were at the same stage in 60s but after that Korea has made considerable economic progress and became a role model for developing countries. He said that Korea has export-led growth and its experience in various fields can be useful for Pakistan.

For more information, contact:
Information Department
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan
Tel: +92-42-111-222-499
Fax: +92-42-36368854

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