Pakistan celebrates commercial ties with Korea

The Pakistani Embassy marked the 76th anniversary of the nation’s constitution as well as growing commerce with Korea at a reception last week. 

The National Day on March 23 celebrates the adoption of a resolution in 1940 that later created an independent homeland for the Muslims of India. 

“Under the dynamic leadership of Quaid-e-Azam Muhammad Ali Jinnah, the founder of Pakistan, our forefathers gave invaluable sacrifices that eventually led to the creation of Pakistan on Aug. 14, 1947,” Pakistani Ambassador Zahid Nasrullah Khan said at Lotte Hotel on Wednesday. 

“Endowed with large agrarian land and abundant natural resources, the resilient men and women of Pakistan have been determined to fulfill their immense potential.”
Noting that Pakistan was located at the crossroads of Central Asia, South Asia, China and the Middle East, the envoy stressed that the country’s strategic location made it “the fulcrum of vast regional markets.” 

Pakistani Prime Minister Nawaz Sharif has sought to improve regional connectivity and security, according to Khan. 

Islamabad and Seoul established diplomatic relations in 1983. Since then, the two countries have deepened engagement on all levels, Khan said, adding that former Korean Prime Minister Chung Hong-won visited Islamabad in April 2014 and Pakistani Commerce Minister Khurram Dastgir Khan visited Seoul in July. 

During the commerce minister’s visit, an agreement was signed between the Pakistan Institute of Trade and Development and the Korea Institute for International Economic Policy to conduct a feasibility study for a bilateral free trade agreement by July this year. 

The two countries also signed a Loan Framework Agreement in September, increasing Islamabad’s Economic Development Cooperation Fund from $180 million to $500 million. Supported by the fund, several infrastructure and energy projects will be implemented in Pakistan by Korean companies, including a $10 million flagship project to construct a Technology Park in Islamabad. 

“The Technology Park would create an ideal environment for Pakistani information technology companies to grow, and be an incubator for start-ups by encouraging innovation and creativity,” Khan said. 

The diplomat argued that the economy was the “bedrock” of bilateral relations. 

“Our friendly relations will be further strengthened following the conclusion of the FTA. It will open a new chapter in our bilateral trade currently around $1 billion,” he said. 

Encouraging investment in hydro and other renewable energies, food, infrastructure and manufacturing sectors, Khan argued that Pakistan offered “immense opportunities” for Korean manufacturers.

“After the conclusion of the FTA, Korean firms can use Pakistan as a base to reach out to markets in China, Iran and Central Asia,” he underlined. “Thus there are bright prospects for both countries based on our mutual trust, goodwill and political interactions.”

By Joel Lee (joel@heraldcorp.com)