KARACHI, Feb 26 (APP): The Ambassador of the Republic of Korea, Park Ki Jun, Wednesday, indicated that negotiations for the Korea-Pakistan Economic Partnership Agreement (EPA) are likely to begin in the first half of this year, laying a new institutional foundation for promoting economic exchanges between two countries.
“We must now move beyond friendship and develop a mutually beneficial partnership,” he stated while speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), said a statement issued here.
The meeting was attended by Consul General Korea Yi Sungho, Senior Vice President KCCI Zia ul Arfeen, Vice President Faisal Khalil Ahmed, Former President Majyd Aziz, and KCCI Managing Committee members.
Underscoring the untapped potential for deeper Korea-Pakistan collaboration, Ambassador Park pointed out that Pakistan boasts rich natural and human resources, while Korea offers advanced technology and economic expertise. This combination creates opportunities for complementary cooperation, he stated and added, “Korea views Pakistan as a fast-growing economy with a youthful population, making it an attractive destination for Korean businesses.”
Encouraging Pakistani businesses to explore opportunities in Korea, he assured that the Korean Embassy is committed to incorporating insights from the business community and maintaining close communication with KCCI to further economic collaboration.
“Currently, eight Korean companies operate in Karachi whereas around 200 Korean citizens reside in this city. Karachi could play a leading role in strengthening economic ties between the two countries”, he added.
Ambassador Park noted the Pakistan government’s efforts to address economic challenges and drive sustainable growth and observed that the country’s economy showed improvements in key macroeconomic indicators.
He also welcomed the Pakistani government’s five-year economic development plan, and expressed confidence that this initiative would set a strong foundation for Pakistan’s long-term growth, benefiting both local businesses and foreign investors, including Korean companies.
Senior Vice President KCCI, Zia ul Arfeen, highlighted the longstanding diplomatic, social, and economic ties between Pakistan and South Korea and stated that the partnership has deepened over the years, paving the way for enhanced collaboration in various sectors.
He emphasized the significance of the Economic Partnership Agreement between the two nations, which aims to double bilateral trade and unlock new economic opportunities. “Both countries must work towards diversifying trade to fully capitalize on these opportunities,” he underscored.
Recognizing South Korea’s leadership in artificial intelligence (AI), Arfeen proposed setting up AI-focused training programs and research centers in Karachi, Lahore, and Islamabad.
He also invited Korean investment in Pakistan’s refining sector, highlighting that South Korea’s advanced technology and expertise could help modernize Pakistan’s refineries, improving energy security and reducing reliance on imports.
He also urged Korean companies to leverage Pakistan’s strong textile and agriculture sectors, its 1,000 km coastal belt as a gateway to global markets, and the development of technology parks to foster economic integration.