FPCCI urges trade with Korea

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday asked the government to increase exports to Korea, saying the bilateral trade deficit between the two countries had reached $1.4 billion.

Through a press release, the apex trade body called upon the business community, ministry of commerce, embassies, and chamber of commerce in both the countries to play an effective role in promoting bilateral trade and economic cooperation.

Pakistan should focus on exporting value-added textiles, and explore opportunities in Korean processed foods market, tapping into vast animal feed demand, FPCCI president Irfan Iqbal Shiekh said.

He also suggested setting up automobile assembly and manufacturing plants in the country through foreign direct investment (FDI) and joint ventures. “Enhance export of human resource capital and make full use of facilitation programs of Korea Trade-Investment Promotion Agency (KOTRA).”

Speaking on the occasion, consul general Korea Kim Haksung extended his support to Pakistani business, industrial and trade community to facilitate explore new avenues of trade and economic cooperation. He also welcomed the suggestion to have a more active KOTRA presence in the country to support Pakistani business community.

FPCCI senior vice president Suleman Chawla urged the government to look for technology transfer, industrial collaboration, and machinery import for a sustainable growth in country’s industrial sectors.