Pakistan-South Korea Free Trade Agreement to boost ties: Korean Ambassador
KARACHI, Oct 9 (APP): The Republic of Korea is providing $500 million to Pakistan for the development of diversified projects pertaining to hydro power, road infrastructure, improvement of power distribution system, information technology and health sector.
This was stated by the Consul General of the Republic of Korea
in Karachi, Kim Donggi, at a reception hosted by him to commemorate
the National Foundation Day of the Republic of Korea.
Kim Donggi said the National Foundation Day marks the nation's
founding day way back in 2333 BC which shows that the Korean people
have a culture that is steeped in ancient and time honoured practise.
The South Korean envoy said that mutual trade and cooperation
between the two countries goes back to decades when Pakistan assisted
Korea with its development program and assigned the Planning
Commission of Pakistan to share its five Year Development Plan.
He added that more than 20 South Korean companies are operating
in Pakistan and feasibility studies for Free Trade Agreement are
likely to be finalised in the near future.
Kim Donggi said that Pakistan could become a preferred potential
destination for trade and investments for Korea once the FTA is
The bilateral trade is currently worth about $1.1 billion and
Seoul wished to see further increase economic ties between Pakistan
and Republic of Korea.
He concluded by stating that he was confident that the
relationship between the two countries would further strengthen in the
coming years, bringing them closer in pursuit of mutual goals.
The Speaker Sindh Assembly, Agha Siraj Durrani, was the chief
guest at the reception.
In his brief remarks he said that Pakistan South Korea relations
He then cut a cake with South Korean diplomat to mark the
The reception was attended by Rear Admiral Farrokh Ahmad,
Commander Karachi, Ms. Iram Khalid, Special Assistant to CM, for Women
Development, Ms. Rubbina Qaimkhani, MPA and former minister, Rehan
Hashmi, Chairman district council Central and former MNA, elite of
the city and members of the diplomatic corps.