S. Korea providing $500m for Power, road & IT projects

To pay for the development of diversified projects pertaining to hydro power, road infrastructure, improvement of power distribution system, information technology and health sector, The Republic of Korea is providing $500 million to Pakistan.

This was said by the Consul General of the Republic of Korea, Kim Donggi at a reception hosted by him to commemorate the National Foundation Day of the Republic of Korea.
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 5 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.