South Korea has announced that it will send a buying delegation to Pakistan in the coming months in which will consist of top importers. This will help to remove the investment bottlenecks, increase bilateral trade and to resultantly enhance the economic cooperation between South Korea and Pakistan.
This decision comes after the successful visit of Razak Dawood, Adviser to PM on Commerce & Textile, Industries & Production and Investment who was heading a delegation of top textile industrialists of Pakistan. During their visit the delegation had very engaging dialogue with the Korean investors and importers. They also held meetings with many private sector organizations including Daelim, Lotte Group, Daewoo E&C, K-Water, Korea Railway Network Authority (KRNA), Korea Energy (KOEN),Korea Hydro and Nuclear Power (KHNP), Korea Overseas Infrastructure and Urban Development Corporation (KIND) and Korea Importers Association (KOIMA).
Pak-Korea CEO forum was held also in Seoul in which top Korean companies represented. While addressing the forum Razzak dawood urged the Korean companies to invest in Pakistan owing to its improved global ranking in Ease of Doing Business Index by 11 points in 2019. He also proposed establishment of Exclusive Economic Zone for Korean companies as part of CPEC.
In a very interesting development Adviser to PM offered Early Harvest Program to his Korean counterpart which may lead to Free Trade Agreement (FTA) between both the countries. In this regard, Advisor asked his counterpart to hold meeting of Joint Trade Committee at the earliest in order to address trade issues and improve trade facilitation. Korean Minister agreed to hold it near the end of this year.
