FAISALABAD: Korean Ambassador Dr Jong Song Hwan has stressed the need for joint ventures with Pakistan in the textile sector.

Addressing textile exporters on Friday, he said it was a matter of concern that Pakistani exports to Korea were declining. Similarly, exports from Korea to Pakistan had gone down by three per cent in 2013 and six per cent in 2014 while exports from Pakistan to Korea had decreased by 33 per cent in 2013 and another cut by 23 per cent in 2014.

He said Korea had marked Pakistan as priority destination for its investment and businesses. He expressed optimism that trade ties would deepen as both governments were taking the required measures.

Pakistan is the fourth largest quality cotton grower and eighth largest textile exporter country while Korea is known for its best textile machinery.

“Korea and Pakistan are not only good friends but also are two leading trade partners and for the last two years this trade partnership after touching the two way trade volume $1.6 billion in 2012 has witnessed downward slide to $1.3 billion in 2013 and further to $1.17 billion in 2014,” he added.

He said they could collaborate in the textile sector to give boost to the economies of both countries. He underscored the need to broaden ties by diversifying product lines of both countries through joint research-based business forums, exchange of business delegations and participation in each others exhibitions.

The lack of required trade-related information is the biggest hurdle in the way of Korean investment in Pakistan and all-out efforts are being made to enhance interaction between business-doing people of the two countries to increase trade volume, he said.

Sohail Pasha, representing the Faisalabad exporters, said Pakistan and Korea shared history of diplomatic, economic and political cooperation.

About low trade between the two countries, he urged the stakeholders to explore causes of shrinking trade, identify the weaknesses and accordingly devise a clear strategy which must focus on trade and economic expansion.

“We need to find ways and means of enhancing trade ties between the two countries,” he said.

He said direct interaction between the businessmen of both countries would enable entrepreneurs to better explore the opportunities for cooperation in various fields.

Counselor for Economic Affairs of Korean Embassy Park Bongsu, KOTRA Karachi Deputy Director Lee Dong Hoon, Economic Affairs Officer of Korean Embassy Baik Song Hye and textile exporters were present.

Published in Dawn March 21st , 2015

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