Editorial
For the last three decades, since the establishment of diplomatic ties in November 1983, there has never been an official visit of any South Korean President or Prime Minister ever to Pakistan. However many Pakistani heads of state have visited South Korea (General Zia in 1985, P.M. Junejo in 1988, P.M. Benazir Bhutto in 1996, General Musharraf in 2003, P.M. Shaukat Aziz in 2005, P.M. Gilani and President Zardari in 2012).
This April, on a special invitation from Prime Minister Nawaz Sharif, as he took a personal interest, Prime Minister of the Republic of Korea, Mr.Chung Hongwon arrived for a path-breaking four days visit to Pakistan, considered as a breath of fresh air from the Korean peninsula.
During the visit, the Prime Minister of South Korea called on the President and Prime Minister of Pakistan and was the chief guest at the Korea-Pakistan Investment Cooperation Forum is jointly organized by Pakistan’s Board of Investment and Korea Trade-Investment
Promotion Agency. Earlier this year in January, the honorable speaker of the National Assembly of South Korea, Mr.Kang Chang-hee led a team from both ruling and opposition party members of parliament to Pakistan.
Over the past three decades, the relations between South Korea and Pakistan have been deepened and extended in various fields of mutual cooperation as a result of the momentous development work of Korean Companies.
Many Korean companies are investing in Pakistan in the areas of chemical industry, hydel and thermal power, infrastructure projects, etc. Pakistan owes to South Korean companies M2 motorway, Lowari Tunnel in Chitral and many other development projects that are the historic milestones in the history of relations thus cemented ties and deepened it further.
Bilateral trade between both states is worth $1.34 billion speaks of growing economic and trade ties between the two countries.
There was another unexpected visit of King of Bahrain H. E. Sheikh Hamad bin Isa
bin Salman Al-Khalifa, also after nearly four decades to Pakistan. The visit was considered as an “historic opportunity” between the states as latest regional and global developments on issues of common interest became the center of the dialogue.
Before visiting Pakistan, King Hamad visited India last month. These frequent high level visits to the region reflect that Bahrain is currently focusing on enhancing its ties with Asian countries and this visit was in continuation of that policy. Pakistan and Bahrain has a trading volume of $400 million (Dh1.4 billion).
The export from Bahrain to Pakistan is $320 while and $85-90 million coming from Pakistan which is not reflective of the excellent political and diplomatic friendship between the countries. There is more room to enhance the ties.
During the visit six joint agreements were signed between the countries including the establishment of joint ministerial commission for bilateral cooperation, agreement for promotion and protection of investment, cooperation in food security, air services agreement, cooperation between interior ministries and cooperation in the fields of power and water.
The two sides also discussed ways to increase the export of Pakistani manpower to Bahrain and to facilitate the one hundred thousand strong Pakistani communities residing in the Kingdom, which serves as a bridge between the two brotherly countries and plays a positive role in the development of Bahrain as well as contributes to Pakistan’s economy.
It was observed that Pakistan’s economy showed earlier signs of recovery when various indicators of economic health have indicated some improvement. State Bank of Pakistan estimated a 5pc growth rate while there is also an increase in foreign exchange reserves of the central bank from $3.2 billion at the end-January 2014 to $4.6 billion by March 7 is only a beginning.
There is a significant increase in foreign investment due to the restoration of investors’ confidence on the back of strengthening the rupee against the US dollar and other currencies. According to the prediction and estimation of economist Jim O’Neill, Pakistan would become the 18th largest economy in the world by 2050 with a GDP of US$ 3.33 trillion. If the prediction goes correct, Pakistan’s economy would grow 15 times in the next 35 years or so. Other than Neill’s 2050 predictions, we should not forget about the serious economic challenges being faced by Pakistan currently
