Islamabad, 1 August 2022 (TDI): Ambassador Suh Sangpyo, the South Korean Ambassador to Pakistan attended the “Development Partners Coordination Forum” organized by Pakistan’s Ministry of Economic Affairs on July 19.
Development Partners Coordination Forum
On July 19, Ambassador Suh Sangpyo @SangpyoSuh attended “Development Partners Coordination Forum” which was organized by the Ministry of Economic Affairs of Pakistan. pic.twitter.com/dZHNWfgNRl
— Embassy of the Republic of Korea in Pakistan (@KoreaEmbassyPK) August 1, 2022
The Ministry of Economic Affairs hosted a luncheon in Islamabad to discuss the proposed Development Partners Coordination Forum.
Pakistan’s multilateral and bilateral development partners, including the World Bank, Asian Development Bank, Islamic Development Bank, Asian Infrastructure Investment Bank, United Nations Resident Coordinator, and many others, attended the luncheon.
Senior Ministry of Economic Affairs officials, including Additional Secretaries, Joint Secretaries, Deputy Secretaries, and others, also attended the event.
The agenda of the forum was the government of Pakistan’s development priorities in 2025, and its aim at achieving balanced and sustainable growth.
Further, the importance of setting realistic and ambitious future targets that are aligned with the Sustainable Development Goals was discussed. This was discussed in order to achieve sustainable economic development.
Ministry of Economic Affairs hosted a Luncheon to discuss proposed Development Partners Coordination Forum in Islamabad today. The Luncheon was attended by Pakistan’s multilateral and bilateral Development Partners. pic.twitter.com/S7TE9B0sJE
— Economic Affairs Division, Government of Pakistan (@eadgop) July 20, 2022
The Development Partners were informed that the Ministry of Economic Affairs was establishing a “Development Partners Coordination Cell” in collaboration with all stakeholders, including federal ministries, provincial departments, and development partners.
The overall goals of the Forum included aligning economic assistance with national development priorities, better harmonization, increased transparency and results in management.
Pak Korea Industrial Forum
In May 2022, the Pak Korea Industrial Forum event took place. The Korean Ambassador to Pakistan, Suh Sangpyo stated that various steps have been taken to multiply business and economic relations with Pakistan.
While energy and transportation are some of those fields where massive investments will be initiated by Korea.
Moreover, Korean companies and the Korean government will cooperate with the Pakistani Government in the automotive industry in Pakistan.
Trade Between Pakistan and Korea
South Korean exports to Pakistan have increased at an annualized rate of 4.89 percent over the last 25 years. In addition, it has increased from $358 million in 1995 to $1.18 billion in 2020.
Pakistan’s exports to South Korea have decreased at an annualized rate of 0.37 percent over the last 25 years. It has decreased from $265 million in 1995 to $242 million in 2020.
