FAISALABAD: Korean Ambassador to Pakistan Dr Song Jong Hwan said on Saturday that Free Trade Agreement (FTA) had become imperative to check negative trend in Pak-Korea bilateral trade.
Addressing the Business Community of Faisalabad in Faisalabad Chamber of Commerce & Industry (FCCI), he said that there was a dire need to enhance bilateral trade between the two countries.
He said that business community of Pakistan should also urge its government to expedite the process of signing FTA.
He said that last year Pakistan and Korea had signed a Memorandum of Understanding on trade and investment but it was not a substitute to FTA.
He said that Pakistan Commerce Minister Engr. Khurram Dastgir was visiting Seoul and hoped that issues of FTA would also be discussed during his visit.
He also laid stress on enhancing connectivity between the business communities of two countries and assured his full support in establishing B2B Linkages.
He also mentioned a series of exhibitions and workshops to be held in Korea this year and asked business community of Faisalabad to ensure their active participation in their sector specific Exop to discuss issues of their mutual interests.
These events would help in enhancing bilateral trade, he added.
Earlier, Nadeem Allahwala, Acting President, FCCI said that in 2013 Pak-Korean bilateral trade was 1.255 billion dollars Pakistan exported $ 397.26 million goods to Korea while imports were $ 858.6 million.
He said that it was very encouraging that 19 Korean companies were present in Pakistan and playing vital role in the overall development of Pakistan. He appreciated the establishment of Pak-Korean Technical Textile Centre in National Textile University (NTU) adding that it was a new gift from Koreans that would help our Textile sector to enter into new era of Technical Textile.
Vice President Inaam Afzal Khan also presented a shield to Commercial Counselor Mr. Park while Rana Arif Tauseef decorated Dr. Song with FCCI Pin.