News Detail

new detail picture

Event Title: Pakistan intends to expand trade and investment ties with Korea, Says Sadiq Sanjrani

Event Date: 2021-10-14

Chairman Senate Muhammad Sadiq Sanjrani has accentuated the need to further strengthen bilateral relations between Pakistan and South Korea in diverse fields including Trade and Economy. Talking to Korean Ambassador, Mr. Suh Sangpyo, who called on Sadiq Sanjrani here at Parliament House on Thursday, the Chairman said that Pakistan cherishes its relationship with the Republic of Korea and hold the Republic of Korea in high esteem. Sanjrani comprehended Korea’s remarkable journey on a path of peace, democracy and prosperity.

During the meeting, views were also exchanged on bilateral relations, matters of mutual interest and the overall regional situation.

While lauding Korea’s steadfast growth, the Chairman remarked that within a short span of a few decades, it has transformed itself from a developing country into a leading technologically advanced economy.

Discussing the economic ties, Sanjrani underlined that economic relation between the two countries is the bedrock of the bilateral relationship. In the last two years, Korean companies have increased their footprints and market share in Pakistan, he added. Sanjrani underscored that the current bilateral trade of US$1.122 billion between the two countries was not commensurate to the true potential and stressed the need for Proactive measures to increase its quantum. A  Free Trade Agreement will bring benefits to both countries, Sanjrani underlined.

Highlighting the importance of CPEC, Sanjrani stressed that Korean multinational companies should also participate in the CPEC projects through investment and also benefit from investing in the Special Economic Zones for enhanced regional connectivity. “Pakistan is closely linked with landlocked Afghanistan and the Central Asian Republics. It is thus a key investment destination for countries around the world. Korean investors should also benefit from investment-friendly opportunities in Pakistan”, he emphasized.

During the meeting, Sanjrani appreciated the assistance and cooperation extended by the EXIM Bank of South Korea in initiating work on the construction of establishing the Information Technology Park at a cost of US$ 88.80 million in Islamabad.

Keeping in view the recent evolving situation in Afghanistan, Sanjrani apprised the visiting dignitary that Pakistan has safely evacuated over 16000 foreign nationals through Pakistan, adding that Pakistan has also safely airlifted 392 Korean and Afghan nationals from Kabul, on the request of the Republic of Korea.

“We are desirous of expanding and deepening trade and investment ties with Korea”, sanjrani said. Both sides stressed the need to further enhance Parliamentary relations between the two countries through exchanges between Parliamentary Friendship Groups to bring together Parliaments of the two countries closers.

Sanjrani also commended Korea's efforts for the preservation and restoration of Ghandhara civilization in Pakistan. Both sides also discussed the recent launching of the Samsung Mobile Manufacturing Unit in Pakistan.