KARACHI, Sept 28: South Korean companies have sought allotment of exclusive industrial corridors at Pakistan’s Export Processing Zones with special package to attract maximum Korean investment in the country.

Business communities from Pakistan and Korea should be granted five-year multiple visa on the recommendation of national chambers of commerce and industry from both sides.

This was recommended by 8th joint meeting of Pakistan-Korea Economic Cooperation Committee hosted by Federation of Pakistan Chambers of Commerce and Industry, said a press release here on Wednesday.

The meeting suggested that the public and private sector banks of both the countries be encouraged to open their branches in major cities of Pakistan and Korea. National Bank of Pakistan should undertake available trade related services including opening of Letters of Credit for bilateral trade.

South Korean Exim Bank had already offered to provide credit line to Pakistan’s bank, which would finance the importers when they purchase Korean goods.

State Bank of Pakistan should allow National Bank to negotiate with South Korean Exim Bank for suitable lines of credit for Pakistani businessmen.

The meeting noted that Korean investors could have excellent opportunities for investment in fruits and seafood packing and processing, sports goods particularly soccer balls, cutting and polishing of marble and granite for construction and decorative products, cutting and polishing of precious and semi precious stones, artificial jewellery, auto parts production, agricultural implements, wooden furniture production, surgical goods. Moreover, there was considerable scope for export of sea-food and rice to South Korea.

South Korea should relax its import rules for the products from Pakistan so that the trade imbalance could be minimized.

The businessmen called for frequent flights between Pakistan and Korea to facilitate the business community and cargo as well.

Pakistan and Korea should organize single-country exhibitions on reciprocal basis to promote their goods and services. For last many years there had been no single country exhibition of Pakistan in South Korea.

In a press statement FPCCI President Ch Muhammad Saeed said that the federation had launched membership of Pakistan-Korea Economic Cooperation Committee so that there was frequent interaction with the Korean side as follow up of the MoU signed for joint Pakistan-Korea Economic Cooperation Committee.—APP