Islamabad: Pakistan has diplomatic and economic relations with Democratic People’s Republic of Korea but bilateral trade is still below the potential and both countries should work closely to explore the untapped areas.
Mr. Ro Kyong Chol, Ambassador, Democratic People’s Republic of Korea (DPRK) made these remarks while talking to President, Islamabad Chamber of Commerce and Industry, Mr.Zafar Bakhtawari during his visit to ICCI. He exchanged views on common interests and agreed to strengthen economic relations between the two countries.
He informed that Democratic People’s Republic of Korea has abundance of natural resources like coal, limonite, steel, graphite and lead.
He said that North Korean Government has adopted consistent policies and have favorable environment for investment, therefore Pakistani investors should also consider Democratic People’s Republic of Korea for investment in the sectors of their interest.
Mr.Chol that the business communities of Pakistan and Democratic People’s Republic of Korea have to play a vital role for promotion of bilateral trade and their greater mutual interaction is needed to achieve the ultimate objectives.
In his welcome address, Mr.Zafar Bakhtawari, President ICCI said that Pakistan and Democratic People’s Republic of Korea should strengthen economic cooperation as the era of political diplomacy is over.
Therefore, mutual efforts are needed to strengthen bilateral relations and cooperation in diverse fields to enhance the volume of bilateral trade between the two countries, he maintained.
Mr.Bakhtawari said that Pakistan has huge coal reserves and Democratic People’s Republic of Korea has expertise in coal exploration, thus both the countries could initiate joint ventures in this field to produce electricity which would help Pakistan to meet its energy needs.
ICCI President said that Pakistan is a very promising economy and an attractive investment destination as all sectors of the economy were open for investment with attractive incentives.
He suggested that cooperation could be enhanced in energy, tourism, surgical, sports goods, textile, agro, pharmaceutical and marble sectors. He also said that Pakistan is becoming more competitive in the world by having cheap labor which provides an ample opportunity for foreign investors to explore the areas of common interest.
He said that exchange of sector-specific trade delegations and a proactive involvement of business community of both the countries could enhance bilateral trade relation between Democratic People’s Republic of Korea and Pakistan.