Big Companies in South Korea Interested to Participate in CPEC Projects
- PM Adviser to commerce has urged South Korean companies to participate in CPEC projects.
- Both countries have agreed to remove trade and investment bottlenecks.
- South Korea will send a buying mission of importers to Pakistan.
Abdul Razak Dawood, Adviser to Prime Minister on Commerce, has urged South Korean companies to participate in CPEC projects.
The PM Adviser has also proposed the establishment of an exclusive economic zone for Korean companies as part of CPEC.
Visit South Korea:
Mr. Dawood visited South Korea and during the visit, he headed a delegation of top players of the textile industry. The visit has now concluded.
While speaking at the forum, the PM adviser urged Korean companies to invest in Pakistan because of its improved global ranking in the Ease of Doing Business Index.
A Program to Improve Business Regulations:
Adviser to PM said that Pakistan had launched Regulatory Guillotine to improve business regulations in an attempt to attract investment into the country.
With the help of this program, two to three regulations were being scrapped every month to streamline business activities.
The government of Pakistan had taken various effective steps to improve trade procedures by establishing a better trade facilitation regime, Adviser said.
Meeting with Korean Counterpart:
Dawood, during his visit to Korea, also met his Korean counterpart and deliberated the challenges and opportunities to enhance bilateral cooperation in trade and investment.
The Adviser emphasized that there is a need for enormous potential for bilateral trade and investment, which needed to be exploited by both countries.
Meeting with Private sector Heads:
In an effort to draw investment, Adviser to the Prime Minister held meetings with heads of private-sector organizations.
The Early Harvest Program:
To enhance bilateral trade, the PM Adviser offered ‘Early Harvest Program’ to his Korean counterpart. The program will lead to a free trade agreement (FTA) between the two countries.
He asked his Korean counterpart to hold a meeting of the Joint Trade Committee in order to address the trade issues and facilitate trade, the Korean minister agreed to hold the meeting by the end of the current year.
Talking about the Korean businessmen, the Korean Minister said:
“Businessmen in South Korea are interested in making an investment in Pakistan due to huge investment opportunities and intend to engage in constant interaction with the business community for better understanding of the investment regulatory regime in the country.”
In order to enhance bilateral cooperation, both sides agreed to remove trade and investment jams. In the coming months, South Korea will also send a buying mission of importers to Pakistan.