Islamabad: A project portfolio meeting held in Economic Affairs Division reviewed the implementation of projects under Korean assistance worth around US$ 300 million. Government of Pakistan was represented by Mr. Javed Iqbal, Secretary, EAD while Mr. Choong joo CHOI, Ambassador of the Republic of Korea, represented the Korean side along with his team.
Secretary EAD appreciated the Korean assistance and noted with satisfaction that not only the quantum of bilateral cooperation has increased over a short period of time but its scope has also enhanced.
Total Korean assistance Programme to Pakistan has expanded over US$ 200 million of which US $ 30 million is grant component and rest is soft loan mainly for infrastructure and social sector development.
Progress of all development projects being implemented in Pakistan through Korean Assistance were reviewed in the meeting. Similarly the projects, for which Korean Assistance is expected shortly, were also reviewed minutely.
Both side expressed satisfaction with regards to Korean Development Assistance for the following projects which were signed recently during President of Pakistan’s visit to South Korea early this month. Framework Agreement for Grant Aid, Construction of Malakand Tunnel Project of US$ 78 M.
Apart from infrastructure Development projects, Korean Assistance for Capacity Building of public sector was also reviewed.
The Korean Ambassador also observed that Korean development model being more recent phenomenon is more relevant for achieving development goals in Pakistan.
Two new initiatives including Knowledge Sharing Programme (KSP) and World Adviser’s Programme were discussed whereby Korean experts will share their experience in different fields with different departments of Federal and Provincial Governments.
Ambassador of Korea highlighted that Korean government attaches a great importance to Pakistan which is of Priority Partner Country.
Korea is desirous to develop strategic economic development relations and in order to formulate Country Partnership Strategy which currently Republic of Korea has with 23 countries of the world.
A high level Technical Team will be visiting Pakistan in the end of January, 2013 to negotiate the specific possibilities.
Secretary, EAD appreciated the sincerity of the Government of the Republic of Korea and assured the visiting dignitaries that Pakistan will reciprocate the initiative with matching sincerity and warmth.