ISLAMABAD (APP): The Republic of Korea was keen to enhance cooperation with Pakistan in hydro-power generation, infrastructure development and other sectors as Pakistan was a rising economy having good potential for foreign investors.
This was said by Ambassador of the Republic of Korea, H.E.Suh Dong-gu, while addressing business community at Islamabad Chamber of Commerce and Industry (ICCI), a statement issued by ICCI here on Friday said.
He said some Korean companies have already completed 2-3 hydro-power projects and were constructing few more such projects in Pakistan.
The ambassador said Korean companies were also cooperating with Pakistan in infrastructure development including Lowari Tunnel which would be completed by the mid of next year.
He said Pakistan and Republic of Korea were negotiating for a free trade agreement.
Suh Dong-gu said feasibility studies have been completed and both countries were now preparing its recommendations.
He said signing of FTA would make a paradigm shift in bilateral trade and would provide better market access to Pakistani products in Korean market.
Korean Envoy said Korea could cooperate with Pakistan in CPEC projects by providing heavy construction equipment and machinery.
Welcoming the South Korean envoy, President, Islamabad Chamber of Commerce and Industry, Khalid Iqbal Malik said the bilateral trade of around $1.2 billion between Pakistan and Republic of Korea was dismal and stressed that both countries give enhanced role to private sectors for improving it.
He said trade balance was heavily tilted in favor of Korea and urged that Korea should provide easy market access to Pakistani products for improving trade balance.