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Free Trade Agreement with South Korea is in the Pipeline – South Korean Ambassador

Karachi: Pakistan’s richness in natural resources and Korea’s richness in capital and technology makes the two countries natural partners for trade and investment. However, the inconsistency of government policies and mismanagement in general do not facilitate existing investment, and Pakistan must protect existing investors, besides inviting new investors to invest in the economy. This was stated by H.E. Mr. Choong Joo Choi, the Ambassador of South Korea to Pakistan, who visited the Federation of Pakistan Chambers of Commerce and Industry Head Office on October 17, 2011. He was accompanied by the Korean Consul General in Karachi, Mr. In-Ki Lee.

The visiting diplomats were welcomed at Federation House by Mr. Khalid Tawab, Vice President-FPCCI and Mr. Sohail Nisar, Chairman Pakistan-South Korea Business Council. A number of other prominent members of the business community were also present on the occasion, including Engineer Muhammad Usman Shaikh, VP-FPCCI, Mirza Ishtiaq Baig, Mr. Mansha Churra, Ms. Arjumand Qazi, Mr. Zakaria Usman and Mr. Salman Javed.

During the course of the meeting, several pertinent issues were discussed. The Ambassador conceded that Pakistan was one of the candidate countries with which the Korean Government was contemplating a Free Trade Agreement. Both sides stressed that it was essential to further collaboration and contact between the businessmen of both countries. Some excellent opportunities for investment in steel, tourism, rubber tires, renewable energy, mining, rice, textiles, leather, seafood, food processing, telecommunications and electronics were pointed out to the visitors.

Mr. Choi urged the business community to lobby for removal of red-tapism, unnecessary regulatory requirements, policy inconsistency and lack of cooperation from the Government’s side. He welcomed the proposal to organize a targeted, well planned and well-executed Korean Investors Conference in Pakistan, assuring the business community of maximum cooperation in this regard.

The Consul General Mr. Lee said that legitimate visa applications vetted by FPCCI would be processed without delay by the Korean side. In certain cases, multiple visas also could be granted.

The meeting was concluded with a vote of thanks by Mr. Muhammad Usman Shaikh, Vice President-FPCCI, after which the Ambassador was presented with the FPCCI Crest by the two Vice Presidents.

For more information, contact:
Syed Masood Alam Rizvi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road, Shahra-e-Firdousi,
Karachi-75600, Pakistan
Tel: +9221 3587 3691
Fax: +9221 3587 4332
Email: info@fpcci.com.pk

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