FPCCI to help Korea explore investment opportunities in Pakistan
KARACHI: A huge foreign investment is pouring in different sectors and FPCCI is ready to play its role to help Korea to explore investment opportunities in Pakistan. This was stated by Abdul Rahim Janoo, the acting president of the FPCCI in a meeting with H.E. Lee Chang-Hee, Consul General of South Korea who visited Federation House, Karachi. The meeting was also attended by Wasim Vohra, Shahnawaz Ishtiaq, Vice Presidents of FPCCI, M. A. Lodhi, Secretary General, FPCCI, Dr. Ayub Mehar, DG R&D FPCCI, Saleem Sheikh, Chaudhary Asghar, among others.
Abdul Rahim Janoo said for the decades, Korea & Pakistan were enjoying cordial bilateral relations. The spirit of cooperation on regional as well as international issues was same from both sides. Korea is a technological hub of the world whereas current trade between Korea and Pakistan is 1.2 billion US dollars besides the exports have increased up to 402 million US dollars while imports from Korea to Pakistan have reached up to 770 million US dollars.
He added that the prevailing government investment policies are very friendly whereas bilateral trade can be enhanced via frequent exchange of delegations, organizing exhibitions and operating direct frequent flights to facilitate the business community and cargo of both countries. He further said that Pakistan is the leading exporter of high quality of rice after textile. The Rice Export Association of Pakistan (REAP) is the only constituent body existing with the vision to achieve the target of 4 billion US dollars of rice export by 2018.
On that occasion H.E. Lee Chang-Hee Consul General of South Korea at Karachi, stated Pakistan and Korea bilateral relations have strengthened over the years. He said FPCCI is an important platform to explore trade opportunities for South Korean companies in Pakistan, instead of looking to India. He added that Korean is now the world’s eighth largest economy with a trade volume that had surpassed a trillion dollars yearly.
Wasim Vohra the Vice President of FPCCI emphasized that Korea should look at the huge investment opportunities available in spare parts industry of vehicle & motorcycle in Pakistan. Korea can take benefit of the strategic location of Pakistan, he added.
Abdul Rahim Janoo said that Pakistan and Korea may have close collaboration in the numerous products such as clothing, leather products, food and fruits processing and preservation, sports goods, sea resorts and electronic appliances. Korea may use Pakistan land as gateway to access into the Afghanistan and Central Asian market. He said Korea and Pakistan also have solid industrial cooperation through various companies including Hyundai, Samsung, Daewoo etc
While sharing the importance of law and order situation, he said that In 1960 Pakistan’s exports were 4 times higher than Korea, now the law and order situation in Pakistan especially in Karachi has improved; therefore, it is an ideal situation for investment. The Korea can avail the investment opportunities especially in housing industry. He hoped that the upcoming visit of Commerce Minister, Govt of Pakistan to Korea will prove a milestone in context of economic cooperation between both countries. He also said Pakistan can help Korea in exploring Rice exports for the surplus rice that Korea want to Export.