North Korea for expanding trade ties with Pakistan

Islamabad, January 20, 2015 (PPI-OT): North Korea has formulated a new policy with major focus on reducing tensions and improving economy and it wants to expand trade ties with Pakistan which was an important country of South Asia with good economic prospects, said H.E. Mr. Ro Kyong Chol, Ambassador, Democratic Republic of Korea while exchanging views with business community at Islamabad Chamber of Commerce and Industry.

He said Pakistan and DPR Korea had signed a trade agreement in 1979, but bilateral trade was still not up to the available potential and both countries should accelerate efforts to improve economic ties which were very important to tap all untapped areas of mutual cooperation. He said DPR Korea was focusing on economic development based on advanced science and technology to become a more competitive economy and added that by enhancing mutual cooperation, Pakistan and DPR Korea could complement each other in many fields.

He said DPR Korea has established 13 Special Economic Development Parks in its 8 provinces that offered tax holidays and many other incentives to foreign investors and he invited Pakistani investors to make investment in these parks to achieve lucrative returns.

Speaking at the occasion, Muzammil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry said that Pakistan and DPR Korea were facing common problem of energy shortage and they should share technology and expertise to cope with this major issue as it was affecting economic growth of both countries. He said Pakistan has huge coal reserves while DPR Korea has good expertise in coal exploration and both countries should initiate joint ventures in this field for power generation.

He said Pakistan and DPR Korea should promote greater interaction between their private sectors so that businessmen could play more effective role in promoting bilateral trade. He said Pakistan was producing quality agriculture products including rice and fruits and DPR Korea should import these products from Pakistan to provide delicious food and fruits to its people.

He said mutual cooperation could also be enhanced in IT, technology, engineering, tourism, healthcare, sports, pharmaceutical and marble sectors. He said Pakistan offered plenty of investment opportunities in various sectors of its economy with attractive incentives for foreign investors and stressed that Korean investors should explore Pakistan for making investment in areas of their interest.

For more information, contact:
Khalid Chaudhry
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526, 2253145, 8432676
Fax: +9251 225 2950

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