South Korean companies are apparently interested in setting up manufacturing units in Pakistan, according to former ambassador to South Korea Shaukat Ali Mukadam during a meeting with President Islamabad Chamber of Commerce and Industry (ICCI) Sardar Ilyas Khan. In fact, the concerned companies have been seeking information about the cost of land in Pakistan as well.
The former envoy stated that trade between the two Asian countries held great potential, and he encouraged Pakistani manufacturers to focus on adding more value to their products for the purpose of promoting exports to South Korea.
He also said that Pakistan’s business community had the potential to export fruits and other goods to Korea, adding that the Koreans learned from Pakistan during the 1960s and then achieved progress through the implementation of the right policies.
Meanwhile, the ICCI chief remarked that Pakistan-Korea bilateral trade was around $1.1 billion even though South Korea’s annual exports stood above $500 billion.
He also informed that both countries were negotiating a free trade agreement, which is expected to be finalized soon to boost bilateral trade.
He said that Pakistan could export textile goods, cotton, fruits, rice, rawhide, and skin, fish, surgical instruments, medical apparatus, toys and games, and leather products, among many others to Korea, adding that a little more attention from the Korean government and businessmen could help increase Pakistan’s exports to Korea considerably.
Overall, this development is expected to further strengthen ties between the two nations. Back in November 2020, the Korean government made a generous donation of $500k to Pakistan for the purpose of boosting corona response efforts in the country.