Magazine article Economic Review

Pak-Korea Economic Cooperation

Magazine article Economic Review

Pak-Korea Economic Cooperation

Article excerpt

Since the establishment of official relations in 1968, Pakistan and Korea have developed mutually beneficialties invarious fields. The scope and size of our relationship is amply reflected in bilateral trade and economic cooperation.

The annual two-way trade between the two countries reached 600 million dollars in 1994. Currently, Korea is the 7th largest trading partner of Pakistan, and second only to Japan among the Asian countries. Though the overall balance of trade is in favour of Korea at present, the trade relations will attain a balanced growth with an intensive exploration of opportunities and potentials by the two sides. In recent years, both sides have come to realise the increasing need to expand the range and quantum of the bilateral trade.

Efforts by Pakistani business community to diversify exportable products and identify future customers in Korea are being made with the blessings of the government of Pakistan.

Meanwhile, the Korean side is also doing its utmost to tap opportunities for trade growth. Twenty leading Korean companies have established their representative offices in Pakistan. A regional office of the Korea Trade Promotion Corporation, located in Karachi, is playing a pivotal role in facilitating business contacts between the two countries.

To lend depth and range to trade and other economic relations, Korea is equally keen to expand other areas of economic cooperation with Pakistan. One important area of interest is industrial cooperation.

Major Korean business firms are joining hands with Pakistani partners in various fields such as telecommunications, electronics chemical industry, automobiles industry and construction. Korean companies are also actively participating in infrastructure projects like highway construction, power generation and irrigation.

Another feature of Pakistan-Korea economic cooperation is the establishment of joint ventures. Eight joint ventures have already been established, with some more underway. Dewan Salman Fibre, manufacturer of polyester fibre under a joint-venture arrangement with Samyang Corporation of Korea, is an outstanding success case. A Lahore-based petrochemical company named Qaiser-Lucky and PEL-Daewoo Electrons producing colour TV sets are two other examples. …

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