‘More steps needed to strengthen Pak-Korean economic ties’

LAHORE:Punjab Minister for Industry and Commerce Chaudhry Shafay Hussain Friday stressed the need of more effective measures to increase bilateral economic cooperation between Pakistan and South Korea.

Addressing the Korea-Pakistan Business Forum 2024 as a special guest, the minister said the trade cooperation exists between Pakistan and Korea and former prime minister Chaudhry Shujaat Hussain had played an active role in this regard. He said he also received a diplomatic award for his outstanding services in this regard and is an Honorary Consul General of South Korea in Pakistan.

The business forum was held at Defence which was attended by Korean Ambassador Park Kajin, the business community of Pakistan and Korea. The forum was organized by the Korean Embassy in Pakistan. The minister said new foreign investment would improve the economy. He said investments in Special Economic Zones of Punjab are exempted from income tax for 10 years while for the first time there is a facility to import duty free machinery.

He said 6 business facilitation centres have been established in major cities of Punjab and five more centres are in the pipeline and a new policy regarding industrial zones is being devised. The minister said there have been beneficial discussions with China, UK and other foreign companies regarding manufacturing of solar panels in Pakistan and transition of the industry to solar energy is underway.

The minister said technical education would be improved and the institutions will be adapted to international standards with Japanese, Arabic and German language courses for students. The minister urged Korean leaders to set up an electric vehicle manufacturing plant in Punjab.

Addressing the forum, the Korean ambassador said economic cooperation between Korea and Pakistan was vital to increase trade cooperation. The speakers gave useful suggestions for increasing trade cooperation between the two countries.

Meanwhile, during a meeting with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman and Vice President Zaki Aijaz at the Punjab Industries, Commerce & Investment Department in Lahore, Ch Shafay said a new policy on industrial states would be announced soon.

He said in future, no industrial estate will be built on agricultural land, and the new industrial estate will not be established until the first industrial estate is completed. He said it has decided to extend the scope of Business Facility Centres.

Zaki Aijaz said Punjab Business Facilitation Centres (BFC) are models and operative in five districts. To facilitate the business community, we propose to establish BFCs in all districts. By doing so, we will create an enabling environment for businesses and exports.

He said the Punjab Board of Investment & Trade (PBIT) should facilitate business in Joint Ventures (JVs) and the Punjab government should abolish infrastructure development CESS, and provide land on lease for industrialisation.

Zaki said establishing the Punjab Chambers of Commerce Coordination Committee (PCCCC) was a historic step towards improving the business environment and providing solutions to problems faced by the business community in the province.

We propose the Continuity of the Punjab Chambers of Commerce Coordination Committee (PCCCC). He said the Technical Education & Vocational Training Authority (TEVTA) should align human resource training with industry needs. Development should be focused on Punjab Industrial Estate Development and Management Company (PIEDMEC) and Faisalabad Industrial Estate Development & Management Company (FIEDMEC), and industrialisation should be promoted.

He stressed that Quaid-e-Azam Business Park (QABP) is a significant project situated on the Lahore-Islamabad Motorway M2 in Sheikhpura, Pakistan. The project was started in 2012; however, there is no development, and the main hurdle is a proper entry point to Quaid-e-Azam Business Park, which is important for Industrial Development.

Zaki emphasised that we propose a powerhouse and wastewater treatment plant in the estate. When Sundar Industrial Estates was developed, it was said that the estate would have its powerhouse and waste water treatment plant, which is still pending.