MULTAN City News

Security, energy crisis main issues

of Pakistan: Korean envoy

Says Korea to establish the most advanced IT park in Islamabad

From Our Correspondent

MULTAN: Korean Ambassador Dr Song Jong-Hwan has said that the trade volume between Pakistan and Korea was around $1.6 billion in 2012, which has now dropped to $1.2 billion, and it should be a cause of concern for both countries.

Addressing the Multan Chamber of Commerce and Industry executive committee here on Monday, he said that unavailability of trade-related information and lack of understanding about the promising areas of cooperation were the major reasons for the low volume of trade between the two countries. He, however, said that the governments of Pakistan and Korea had started feasibility study of free trade agreement (FTA), which would be completed by end of June this year and added that both sides were expecting big jump in bilateral trade once the FTA was signed. He said that Pakistan and Korea had been enjoying cordial diplomatic and trade relations and there was a great scope to further strengthen them. The ambassador said that his country was investing in Pakistan and more than 20 companies were working in different sectors. He stressed the need of frequent exchange of trade delegations and ensured his full cooperation in this regard.

He said that Pakistan was a dynamic country, having all seasons, seaports, all types of fruits and huge workforce; however, there was a need to improve the law and order in the country to attract foreign investment. He said that the government of Pakistan had taken some security measures and Korea supported its efforts to restore peace in the country. He said that security and energy crisis were two main issues of Pakistan. Sound political strategy followed by proper implementation was important for Pakistan’s development, he added. He said that the formal diplomatic relations with Pakistan were established in 1983. Since then, 33 years of diplomatic ties between the two countries had considerably moved forward on both economic and political fronts. Especially, 2014 was being evaluated as an important year to enlarge bilateral relations as the speaker of the National Assembly of Korea visited Pakistan in the end of January and then the prime minister of Korea visited Islamabad in April. This was the first time that such senior dignitaries from Korea visited Pakistan, the envoy added. He said that these visits were playing a key role to turn the page and had given a new momentum to economic and trade relations.

He said that Korea would establish one of the biggest and most advanced IT parks in Islamabad in an area of about one million square feet. He said: “The Exim Bank of Korea has agreed to provide $50 million for the establishment of the park and Korean teams are expected to conduct a feasibility study with the assistance from the Ministry of IT and Pakistan Software Exports Board (PSEB). It is expected that the IT park will attract international companies to develop software and hardware solutions and will also help boost the country’s IT exports.” He said that there was a vast scope in Korea for Pakistani mangoes. The envoy said that Korea had imported 14,000 ton mangoes last year which might be increased to 24,000 ton this year, but its transportation was so costly.

Earlier, in his welcome address, the MCCI president said that Korea should initiate some projects in Multan and south Punjab. MCCI former president Khawaja Jalaluddin Roomi stressed the need for developing infrastructure and a big project of automobile so that maximum number of people could get employment in the area. Later, the ambassador inaugurated a paintings exhibition at the MCCI.