Pakistani dignitaries will gather in Seoul on Aug. 27 to hold an investment seminar in an effort to boost interest in the country, according to the Pakistani Ambassador.
The Pakistan Embassy is holding the Korea-Pakistan Investment Cooperation Seminar at the Korea International Trade Association, in order to introduce opportunities to Korean investors.
The seminar will be attended by Makhdoom Muhammad Amin Fahim, minister of commerce, Saleem Mandviwal, chairman of the Board of Investment, and Pakistani Ambassador Shaukat Ali Mukadam.
“We have the strength of 39 memoranda of understanding and agreements, which is a testimony to the solid foundation of our relationship,” said Mukadam.
Pakistan has several sectors where Korean investment could lead to greater opportunities including, mining, petro-chemicals and liquefied natural gas, according to the ambassador.
He added that the Pakistani government has recently passed a bill to create special economic zones, which are expected to reduce the cost of doing business for Koreans.
Pakistan was ranked as the easiest country to do business with in South Asia, said the ambassador citing a 2011 report from the World Bank’s Ease of Doing Business Index.
According to the ambassador, many of Korea’s top conglomerates have already invested in Pakistani infrastructure projects, including Lotte Group, Hyundai Motor and the Korea Water Resources Corp.
Alongside such high levels of investment, bilateral trade between the two countries sat at $785 million for the first half of this year.
“Our bilateral trade, which was in the region of $94 million in the 1980s, surpassed $1.55 billion in 2011. Pakistan’s exports amounted to about $737 million and Korean exports to Pakistan close to $820 million,” said Mukadam.
By Robert Lee (
robert@heraldcorp.com)
