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April 25, 2019

Pakistan, South Korea sign $500mln framework deal

Business

April 25, 2019

ISLAMABAD: Pakistan on Wednesday signed a framework agreement with South Korea for various development projects worth $500 million to be completed by 2020, a statement said.

Noor Ahmed, secretary Economic Affairs Division and Kwak Sung-Kyu, ambassador of the Republic of Korea signed the arrangement on behalf of their respective governments. The ceremony was also witnessed by Dr Abdul Hafeez Shaikh, adviser to the Prime Minister on Finance, Revenue and Economic Affairs.

“Under the signed Framework Arrangement (2018-20), Republic of Korea will provide long term concessional financing up to $500 million for execution of various development projects in health, information technology, communication, agriculture, and energy etc,” the government statement said.

Earlier, Kwak Sung-Kyu , Korean ambassador called on the adviser and discussed matters pertaining to enhancement of bilateral cooperation between the two countries.

“The adviser informed the envoy that Pakistan attached significant importance to its ties with the Republic of Korea which had so many layers of cooperation with Pakistan in both public and private sectors,” the statement added.

Shaikh appreciated the role and cooperation extended by the Korean government for development projects in Pakistan.

He said the economic relations between the two countries would be further strengthened with the passage of time and framework arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various infrastructure projects in Pakistan.

Sung-Kyu hoped that the arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government.

The agreement would go a long way in further strengthening bilateral cooperation,” the ambassador was quoted as saying in the statement. He also said

Korea would extend all possible cooperation for economic development of Pakistan, which would be greatly conducive to promoting bilateral relations in the years ahead. In February last, South Korea had increased workers’ quota for Pakistan that would help the country enlarge its workforce in the East Asian developed economy. Korea decided to increase the workers quota for Pakistan by 11 percent.

According to the Ministry of Overseas Pakistanis and Human Resource Development, the Ministry of Employment and Labour South Korea has increased Pakistan’s Labour quota for 2019 from 900 per year to 1,000 per year. It is worth mentioning here that over 8,000 workers had been proceeded South Korea since 2008.

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