Pak Must Bridge $1.4 Billion Bilateral Trade Imbalance with Korea Irfan Iqbal Sheikh

Karachi (PR): Mr. Irfan Iqbal Sheikh, President FPCCI, has expressed his profound concerns that Pakistan has approximately $1.4 billion bilateral trade deficit with Korea; and, has called upon the business community, ministry of commerce, embassies & consulates of both the countries and the counterpart chambers of commerce in Korea to play their respective roles in promoting bilateral trade and economic cooperation.

Mr. Irfan Iqbal Sheikh elaborated that Pakistan should focus on exporting value-added textiles; explore the opportunities in Korean processed foods market; tapping into vast animal feed demand; setting up automobile assembly & manufacturing plants in Pakistan through FDI & joint ventures; enhance export of human resource capital and make full use of the facilitative programs of Korea Trade-Investment Promotion Agency (KOTRA).

H.E. Kim Haksung, Consul General of Korea in Karachi, extended his support to the 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.

Mr. Suleman Chawla, Senior Vice President of FPCCI, emphasized that Pakistan should look for technology transfer; industrial collaboration and machinery import for a sustainable and tangible growth in Pakistan’s various industrial sectors.

Mr. Sohail Nisar, Chairman of Pak-Korea Business Council, stated that approximately $300 million worth of exports to Korea is way below the potential; and, KOTRA should come forward to help Pakistani exporters with technical expertise; understanding of Korean import standards; promote business & trade tourism and help organize trade fairs & exhibitions.

Brig Iftikhar Opel, SI (M), Retd.
Secretary General