Korean companies urged to join CPEC

ISLAMABAD: Pakistan has urged the Korean companies to participate in CPEC related projects and also proposed for establishment of exclusive economic zone for Korean companies under this mega project.

Adviser to PM on Commerce & Textile, Industries & Production and Investment Razzak Dawood asked the Korean companies in Pak-Korea CEO forum held in Seoul in which top Korean companies were represented. Both sides resolved to address the bilateral trade and investment bottlenecks to enhance the economic cooperation between South Korea and Pakistan. In this regard, Korea will send buying mission/delegation of importers to Pakistan in coming months.

In order to enhance bilateral trade, Razak Dawood offered early harvest Programme to his Korean counterpart which may lead to Free Trade Agreement (FTA) between both the countries. In this regard, adviser asked his counterpart to hold meeting of Joint Trade Committee at the earliest in order to address trade issues and improve trade facilitation. Korean minister agreed to hold it near the end of this year.

Adviser was heading a delegation of textile top players who held engaging dialogue with the Korean investors and importers. He also held meetings with the heads of private sector organisations in his efforts to draw investment from Korea i.e. Lotte Group, Daelim, Daewoo E&C, K-Water, Korea Railway Network Authority (KRNA), Korea Energy (KOEN), Korea Hydro and Nuclear Power (KHNP), Korea Overseas Infrastructure and Urban Development Corporation (KIND) and Korea Importers Association (KOIMA).

The big Korean companies are interested to invest in different projects, pertaining to manufacturing of technology equipment, of mutual interest. Businessmen are very much interested to make investment in Pakistan owing to huge investment opportunities and intend to maintain a constant interaction with the business community for better understanding of prevalent investment regulatory regime in the country, Korean minister highlighted.

While addressing the forum adviser urged the Korean companies to invest in Pakistan owing to its improved global ranking in Ease of Doing Business Index by 11 points in 2019.

Moreover, Pakistan has launched a programme titled Regulatory Guillotine to ease the business regulations to attract investment in the country. Through this programme 2 to 3 regulations are removed every month to ease out the business activities, the adviser highlighted. He also added that Pakistan has taken various effective steps to improve trade procedures by establishing better trade facilitation regime.