Korean firms seeking investment opportunities in Pakistan

An increasing number of Korean corporations are interested in seeking investment opportunities in Pakistan.

This was stated by the Consul General of the Republic of Korea, In Ki Lee, on Tuesday evening.

He also stated that the volume of two-way trade between Pakistan and Korea reached the level of dollars 1.5 billion in 2008 and 1.1 billion dollars in 2009 despite worldwide economic crisis.

Lee said that the Korean government is very keen to upgrade the current level of Official Development Assistance (ODA) especially in the socio-economic sector.

Lee pointed out that in 2009 Korea joined the world community as a member of Friends of democratic Pakistan (FoDP) in supporting Pakistan and the Korean Government pledged 200 million dollars to help Pakistan at the ministerial meeting in April 2009 at the Tokyo donors conference.

He said that Pakistan possesses good quality manpower and vast reservoir of rich natural resources which when combined with Korea’s advanced technical know-how and experience in economic development were the ideal combination for expanding existing trade and economic ties.

Referring to the devastation caused by the floods in Pakistan, Lee said that every Korean is with the Pakistanis and eager to help them overcoming these difficulties.

He stated that the Korean government has donated one million dollars in the form of emergency relief goods for Pakistani flood victims and will donate another one million dollars very soon.

Apart from this official aid, the Korean companies working in Pakistan have contributed 1.5 million dollars in the shape of cash or goods, it was further pointed out.

With the signing of framework agreement in November 2008, Korea will provide dollars 160 million in soft loan to Pakistan from 2009 to 2011 for three years.

The Korea International Cooperation Agency (KOICA) has signed a Memorandum of Understanding (MoU) with the ministry of Textile Industry to set up a garment technical training centre in Karachi.