Islamabad (TDI): South Korea is poised to transfer its industrial base to Pakistan as the two countries have signed a landmark agreement to boost economic cooperation, marking a new chapter in their trade relations.
In this connection, Minister for Trade of South Korea, Inkyo Cheong, presented plans to transfer Korea’s industrial base to Pakistan, fostering opportunities in sectors like food, I.T., minerals, textiles, and Logistics, Radio Pakistan reported on Saturday.
As a result of SIFC‘s efforts to promote international partnerships for the development of Pakistan’s economy, this collaboration is driven by Pakistan’s affordable Labor and Liberal Investment Policies.
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This agreement reflects the commitment to promote trade, investment and long-standing diplomatic relations between the two countries.
Meanwhile, Minister For Commerce, Jam Kamal, highlighted the potential for 1.3 billion dollars in annual trade between Pakistan and South Korea.
He also emphasized the importance of Pakistani businesses learning from South Korea’s technology.
South Korea and Pakistan
A couple of days ago during his visit to Korea, Jam Kamal Khan hosted an exclusive dinner in Seoul to honor prominent Korean businessmen, investors, and donors of Pakistan.
During the dinner, Minister Jam Kamal Khan highlighted the vast investment opportunities available in Pakistan, particularly in its rapidly growing food and agriculture sector, technology, IT, and minerals.
He emphasized Pakistan’s liberal investment regime and the country’s strategic position as an attractive destination for international businesses.
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The Minister also encouraged Korean investors to participate in the upcoming FoodAg Exhibition, scheduled to take place in Lahore from February 26 to 28, 2025.
The exhibition will provide a platform for Korean businesses to explore potential collaborations and ventures in Pakistan’s dynamic food and agriculture market.
