Pakistan-South Korea Free Trade Agreement to boost ties: Korean Ambassador

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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

signed.

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

were exemplary.

He then cut a cake with South Korean diplomat to mark the

auspicious occasion.

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.