‘Pakistan heading in right direction on ease of doing business’

ISLAMABAD: The Pakistan Institute of Development Economics (PIDE), in collaboration with the Embassy of the Republic of Korea in Pakistan, organised a seminar on the theme “40 Years of Diplomatic Relations between Pakistan and Korea: Trade, Investment and human resources” at PIDE, Islamabad.

Addressing on occasion, Ambassador of the Republic of Korea Suh Sangpyo, said bilateral relations between Korea and Pakistan are at a turning point as the two countries will celebrate the 40th anniversary of relations next year.

The Korean ambassador said that regarding regulations and ease of doing business, Pakistan is moving in the right direction. Small Korean companies face contract issues, but large companies have different experiences. “Korean companies are helping Pakistani companies to improve their quality and capacity,” he added.

Earlier, in his welcoming address, Dr. Nadeem ul Haque, Vice Chancellor of PIDE, said that the economic ties between Pakistan and Korea remain strong despite these difficult economic times. In this global village, both countries must work together. There are lessons to be learned from Korea’s economic strength, and PIDE is an excellent platform to strengthen ties between the two.

During his presentation, Dr Muhammad Zeeshan, Research Fellow, PIDE, said that Korea’s GDP is five times that of Pakistan’s. Pakistan needs to focus on maximizing the volume of exports and reducing imports. Currently, Pakistan only export clothes, fish, and cotton to Korea and import automobiles from Korea. There is a dire need to increase our exports. Turning a trade deficit into a trade surplus is only possible by correcting our shortcomings.