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Karachi Chamber of Commerce and Industry’s President urged the Korean Investors to enter into joint ventures in Pakistan

Karachi: Karachi Chamber of Commerce and Industry’s President Mian Abrar Ahmad urged the Korean Investors to enter into joint ventures in Pakistan in the alternate energy, agriculture and engineering sectors.

While exchanging views with the Ambassador of Pakistan to South Korea Shaukat Ali Mukadam, he asserted upon the need of building trading blocks of Pakistan with Asian countries, Central Asian Republics and SAARC countries. He focused that the regional trade will uplift the economy of Pakistan new horizons.

He was of the firm opinion that Pakistan must not rely on aid and remittances. He voiced to enhance exports and trade. He was of the view that the aids received from USA and Western World never spent properly to boost the economy and for the benefit of masses.

He lamented that Pakistan was never allowed economic independence and liberty by the developed countries which they allowed to Bangladesh, India, Malaysia and Vietnam in the region.

After the establishment of Gwadar port, Pakistan has been facing severe unrest by-design because the leading economies never liked this progressive development. He also enlightened the Ambassador about the key role of Karachi Chamber in the socio-economic development of Pakistan and informed about the aims of KCCI to develop regional trade.

He urged the Ambassador to suggest and convince the Seoul Chamber to form Karachi-Seoul Joint Chamber of Commerce and Industry on the pattern of Pakistan-Afghanistan Joint Chamber which KCCI formed last year. He articulated that Pakistan possess great potential to multiply its exports and $25 billion export alone can be made to USA if allowed.

He expressed discontentment on meagre 7% trade among SAARC countries and asserted to execute Indo-Pak trade via Karachi and Mumbai ports to bring prosperity and alleviate poverty in the region. He also requested the Ambassador to invite business delegation and exhibitors to participate in the Karachi Chamber’s My-Karachi Oasis of Harmony Exhibition scheduled to be organized in July 2012.

Ambassador of Pakistan to South Korea Shaukat Ali Mukadam recognized the vibrant role of Karachi Chamber to promote trade and industry. He highlighted that South Korean see Pakistan as the most promising country for investment. He said that owing to great trade potential the recent trade of $1.36 Bn can incline to $2~3 Bn if trade potential is effectively utilized.

He said that a paradigm shift for Korean investment has been observed and now they are prioritizing to invest in Pakistan and other regional countries while earlier they made huge investment in Western countries. Ambassador informed that Korean giant Lotte was ranking among top ten in Asia who purchased PTA plant in Karachi and further expanding its business in chemicals and allied sectors.

Other Korean leading consortiums are investing in Hydro-power and steel sectors. He said that one Korean Steel sector giant is joining hands with Tuwarqi Steel in Pakistan. Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage highway projects endorse the Pak-Korea deep friendship. He admired that despite of negative travel advisory, the Koreans do not hesitate to visit Pakistan.

He said that Korean Premier had also signed multi-billion dollars MoU with Central Asian Republics. He said that efforts are underway to negotiate and sign Pak-Korea FTA. He informed that recently several Korean delegation visited Pakistan to explore investment opportunities in agriculture sector, halal food, particularly rice. He pointed out the immense export possibilities of mangoes, dates, fruits, readymade garments and sports goods.

He stated that around 10700 Pakistanis were residing in Korea performing as businessmen, skilled workers and students. Pak Government was also considering to establish a special economic zone for Korea, Ambassador maintained.

President KCCI assured the Ambassador to extend best possible support and facilitation to the Korean business community. Vice President Zia Ahmed Khan and the Managing Committee Members of KCCI also participated in the meeting.

For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road,
Shahrah-e-Liaquat, Karachi-74000
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010
Email: pro@kcci.com.pk, pro2@kcci.com.pk
Website: http://www.kcci.com.pk/

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