Razak Dawood, Adviser to PM on Commerce & Textile, Industries & Production and Investment concluded visit to South Korea. The Adviser was heading a delegation of textile top players. The delegation had very engaging dialogue with the Korean investors and importers. During the visit Adviser to PM met his Korean counterpart and deliberated upon various issues and opportunities in order to enhance bilateral cooperation in areas of trade and investment. During meetings, he underlined that there was enormous potential in bilateral trade and investment between both the countries which needs to be exploited in times to come.
During the visit Pak-Korea CEO forum was held in Seoul in which top Korean companies were represented. While addressing the forum Adviser urged the Korean companies to invest in Pakistan owing to its improved global ranking in Ease of Doing Business Index by 11 points in 2019. Moreover, Pakistan has launched a programme titled Regulatory Guillotine to ease the business regulations to attract investment in the country. Through this programme, two to three regulations are removed every month to ease out the business activities, the Adviser highlighted. He also added that Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime.
Razak urged Korean companies to participate in CPEC related projects and also proposed establishment of Exclusive Economic Zone for Korean companies as part of CPEC.
During the visit, Adviser also held meetings with the heads of private sector organizations in his efforts to draw investment from Korea ie Daelim, Lotte Group, Daewoo E&C, K-Water, Korea Railway Network Authority (KRNA), Korea Energy (KOEN),Korea Hydro and Nuclear Power (KHNP), Korea Overseas Infrastructure and Urban Development Corporation (KIND) and Korea Importers Association (KOIMA).
The big Korean companies are interested to invest in different projects, pertaining to manufacturing of technology equipment, of mutual interest. Businessmen are very much interested to make investment in Pakistan owing to huge investment opportunities and intend to maintain a constant interaction with the business community for better understanding of prevalent investment regulatory regime in the country, Korean Minister highlighted.
In order to enhance bilateral trade, Adviser to PM offered Early Harvest Program to his Korean counterpart which may lead to Free Trade Agreement (FTA) between both the countries. In this regard, Advisor asked his counterpart to hold meeting of Joint Trade Committee at the earliest in order to address trade issues and improve trade facilitation. Korean Minister agreed to hold it near the end of this year.
Both sides resolved to address the bilateral trade and investment bottlenecks to enhance the economic cooperation between South Korea and Pakistan. In this regard, Korea will send buying mission/delegation of importers to Pakistan in coming months.-PR