KCCI President For Gearing Up Pak-Korea FTA To Enhance Bilateral Trade, Investment

President Karachi Chamber of Commerce and Industry (KCCI) Mohammed Tariq Yousuf, on Wednesday, underscored the need to gear up Free Trade Agreement (FTA) between Pakistan and Korea for enhancing bilateral trade relations and opening up new dimensions and investment channels

KARACHI, (UrduPoint / Pakistan Point News - 10th May, 2023 ) :President Karachi Chamber of Commerce and Industry (KCCI) Mohammed Tariq Yousuf, on Wednesday, underscored the need to gear up Free Trade Agreement (FTA) between Pakistan and Korea for enhancing bilateral trade relations and opening up new dimensions and investment channels.

KCCI president while speaking at Korea Pakistan Business Forum 2023 stated that the year 2023 marks 40th anniversary of Korea-Pakistan business cooperation and diplomatic relationship those were built upon trust, brotherhood and generosity.

He stressed on revival of Pak-Korea Joint Trade Committee to exploit existing opportunities and enhance bilateral trade and economic integration in the manufacturing, hydro-power sector, SME, finance, transport and education sectors and said "We look forward to enhanced future business cooperation between Korea-Pakistan businesses which would boost the economic activities and contribute to sustainable economic development." Ambassador of the Republic of Korea Suh Sangpyo, Director General of Korea Trade-Investment Promotion Agency (KOTRA) Kim Sung Jae, Consul General Korea Yi Sunghu, Senior Vice President KCCI Touseef Ahmed, Vice President Haris Agar, President Automotive KIA Pakistan Muhammad Faisal, KCCI Managing Committee Members and prominent Korean businessmen in Pakistan were also present on the occasion.

Tariq Yousuf noted that despite strong bilateral economic relationships and probability of export of various Pakistani products including marble and granite, pharmaceuticals, cement, leather, rice and sports goods to Korean markets, Pakistan's exports to Korea stood at only $206 million in FY22 as compared to $170 million in FY21.

He mentioned that various corporate results in the stock market remained phenomenal in 2022 despite Pakistan's ongoing economic challenges and top multinational companies operating in Pakistan have also posted massive growth which clearly indicates Pakistan's economic resilience.

He appreciated Korean companies doing business here and urged them to enhance their production activities for improvement of Pakistan's overall industrial output.

Commenting on South Korea's "New Village Movement" which has emerged as a global model for poverty eradication, he said that Korean companies could help Pakistan in capacity building of farmers, improving the yield and uplift agriculture sector through technology transfer.

He pointed out IT, Textile, forest conservation, recycling, coastal belts, technology parks in various potential rural markets in Sindh, Punjab and Baluchistan and joint ventures and investment in Special Economic Zones (SEZs) under CPEC as potential avenues for Korean corporate sector.

Participation in each other's trade fairs and single country exhibitions would be a great way for the business community of both countries to explore new trade avenues and promotion strategies, he added.