Korea become one of top trading partners of Pakistan

KARACHI: The year 2013 marks the 30th anniversary of establishment of diplomatic ties between the Republic of Korea and the Islamic Republic of Pakistan.

In this three decades long journey, our two countries have witnessed the continued development of bilateral ties particularly in the commerce. Today, Korea has not only become one of the top trading partners of Pakistan with two-way trade volume at US $ 1.6 billion annually but also Korea companies like Samsung, LG electronics, Daewoo Express are recognized and trusted brand names in Pakistan.

Broad consensus among major stakeholders is that the existing bilateral trade is far below the potential which we have or can have. To capture this huge potential, the Embassy under the umbrella of 30th Anniversary of the Diplomatic ties is holding a joint business forum in collaboration with FPCCI & Korean investment and trade promotion agency KOTRA at PC hotel, Karachi on 6 June 2013.

The theme of the forum “Missing Trade Links in our Emerging Markets” is intended to find an effective mechanism to expand existing bilateral trade ties by examining the missing links both in demand supply as well as in business to business matchmaking. At the forum, scholars from two leading institutions of respective country, Korea Institute for International Economic Policy & Institute of Business Administration Karachi, would be presenting research papers on;

Korea’s comparative advantage with reference to emerging trade partners of Pakistan along with its products unique features which could be reason to import the same or some new products from Korea; and

Pakistan’s commodity market need assessment & its supply sources at present particularly and how this demand can be filled with Korean supply, etc.

Following that Dr. Ishrat Husain, former country’s central bank Governor would lead the panel discussion and will conclude the event with his recommendations. This interactive session among the scholars & the participants will help to integrate the presented theoretical concept with business community factual concerns and will come out with a meaningful outcome accordingly.

Another high profile ex government official Mr. Tariq Ikram will highlight the perspective of Pakistan’s economy in new political setup, while, H.E. Choongjoo CHOI, Korean Ambassador in the Country and Mr. Zubair Ahmed Malik, President FPCCI will grace the occasion with their presence too.

The Embassy strongly believes that the forum will give considerable boost to bilateral trade & will certainly be a meaningful opportunity to explore new horizons of bilateral cooperation, where we can work together towards common benefit and prosperity. It is also hoped that the 30th anniversary of diplomatic ties will be recorded as another breakthrough in mutual cooperation.