LCCI, Korea to boost trade

LAHORE: Korean Embassy in Pakistan and the Lahore Chamber of Commerce and Industry (LCCI) have agreed to give intra-trade a new boost through joint ventures between the private sectors of the two countries, a statement said on Friday.

It was agreed at a meeting between Korean Ambassador to Pakistan Dr Song Jong-Hwan and LCCI President Sheikh Muhammad Arshad.

The Korean ambassador said that trade and economic cooperation between the two countries should be enhanced, as both countries are potential markets and have the abilities and resources to fulfill each other's needs.  Although Korea is the 15th largest trading partner of Pakistan, at present; however, during the last two years this trade partnership after touching the two-way trade volume of $1.6 billion in 2012 has decreased by 27 percent to $1.17 billion in 2014.  Arshad said that Korea is an important trading partner of Pakistan. South Korea is the second biggest export destination of Pakistan in East Asia after China, he said.