Pakistan, Korea vow to strengthen bilateral trade

ISLAMABAD: Pakistan enjoys friendly relations with Korea and is looking forward to further strengthening the bilateral relations between the two countries, a senior government official said.

During a meeting with Ambassador of the Republic of Korea Suh Sang-Pyo, who paid a courtesy call on the finance minister, Tarin thanked Korea for the three-year framework arrangement under which $500 million are being provided for projects in IT, education and health.

Both sides exchanged views on the economic potential and stressed the need to further promote mutual trade and investment linkages.

The finance minister expressed the desire of increasing exports to Korea and briefed the Korean ambassador about the recent economic developments and initiatives.

The present government aims at achieving all-inclusive and sustainable economic growth with a key focus on “bottom-up” approach. It has chalked out short-, medium- and long-term plans to spur growth in key priority areas, he said.

Further, the government is coming up with a comprehensive policy for the expansion of the auto industry in Pakistan by increasing the production of cars, motorcycles, tractors, etc.

The finance minister said the government is determined to encourage and incentivise foreign investors who are keen to undertake investment ventures in respective fields. It also stands committed to revive the business and industry that has been hit hard by the Coronavirus pandemic, Tarin said, adding that the ultimate focus of the government is employment generation, efficient resource mobilisation and industrial growth.

The finance minister welcomed the plans by Samsung to start cell phone assembly in Pakistan and promised full facilitation in this regard.

The Korean ambassador thanked the finance minister for his time and underscored the importance of people-to-people contact between the two countries.

He also highlighted the potential for furthering cooperation in hydropower generation and said the Korean companies are satisfied with the business environment in the country.

Finance Minister Tarin affirmed full support and cooperation on the occasion.