“Pakistan and Korea share a long history of brotherly relations. It is high time our bilateral investment and trade reflect this deep relationship”, with this message the Ambassador of Pakistan to Republic of Korea, H.E. Rahim Hayat Qureshi, welcomed the attendees to the first ever interaction session and Investment promotion conference in Seoul. The conference, titled “Emerging Pakistan: opportunities for bilateral Investment and Trade”, attracted more than 140 representatives from important Korean companies and conglomerates.
A special delegation from Pakistan was invited for this unique conference, comprising of the Secretary Board of Investment, Dr. Sumera Nazir Siddiqui, Secretary Ministry of Planning, Development and Reforms , Mr. Shoaib Ahmed Siddiqui, senior representatives from KpK and Punjab Boards of Investment and Trade accompanied by senior business delegates.
The Chief Guest, Ambassador of Korea to Pakistan, H.E. Sung-Kyu Kwak, in his welcoming remarks, highlighted the improved security situation and business friendly policies making Pakistan the ideal investment destination for Korean companies.
In his welcoming remarks, the Ambassador of Pakistan, H.E. Rahim Hayat Qureshi, said ” I firmly believe that a strong economic and business relationship is an essential pre-requisite for stable, long term and sustainable people to people relations.”
He further added that ” Pakistan with its sixth largest population in the world, 80 million middle class, blessed with rich human and natural resources, strategically located, politically stable, offering attractive investment policies is a destination no global player can miss.”
The attendees from Korean companies benefitted from the presentations by the senior representatives from Pakistan, including the Secretaries, the provincial BoITs of KPK and Punjab and bi-lateral interactions with the visiting delegates. An important aspect of the conference was identifying increasingly important investment opportunities, such as Intellectual Investment i.e. in Universities and Institutions and in un-tapped sectors like Tourism. The bilateral trade between Pakistan and Korea stands at USD 1.34 Billion in 2017, steadily having increased from USD 828 million in 2015. This sizeable increase reflects a strengthening economic relation between the two countries. The event attracted more than 100 companies and was given wide coverage in local Korean media. Embassy of Pakistan in Seoul has set a wonderful example of pro-actively reaching out to businesses and marketing Pakistan well as a viable investment friendly country.
During penal discussion, representatives of Korean companies operating in Pakistan informed about the difficulties and problems they were facing. They said that they were facing problems in getting timely work visa and NOC in Pakistan. In response, secretary board of Investment said that a desk would be set up to facilitate the Korean investors in Pakistan. This desk would help Korean investors to address their issues.