Pakistan, S.Korea sign framework worth $500mn
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ISLAMABAD: Pakistan and Republic of Korea signed a framework arrangement amounting to $500 million here on Friday, according to a report published on the Radio Pakistan website.
Under the signed framework arrangement South Korea will provide assistance in the completion of various projects related to hydropower, road infrastructure, improvement of power distribution system, information technology and health sector.
Muhammad Saleem Sethi, Secretary Economic Affairs Division and Dr Song Jong-hwan, Ambassador of the Republic of Korea signed the Framework on behalf of their respective governments.
Finance Minister Senator Ishaq Dar, who witnessed the signing ceremony, appreciated the role and cooperation extended by South Korea for development projects in Pakistan.
He said that the economic relations between the two countries would be further strengthened with the passage of time and the framework arrangement will enable Pakistan to seek financial help from Korea's Exim Bank for development of Energy and other Infrastructure Projects in Pakistan.
The Ambassador of the Republic of Korea said that Korea would extend all possible cooperation for economic development of Pakistan.
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On DawnNews
Comments (22) Closed
Oct 02, 2015 04:32pm
In short- He said that the economic relations between the two countries would be further strengthened with the passage of time and the framework arrangement will enable Pakistan to seek financial help from Korea's Exim Bank for development of Energy and other Infrastructure Projects in Pakistan.
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Oct 02, 2015 05:13pm
This government is good at signings things but useless at executing those projects. I like the Chinese way where they will pay for and do the work themselves as long as our army provides the protection.
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Oct 02, 2015 05:17pm
Signs of Pakistan as a rising world power and world's acknowledgement of the status .
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Oct 02, 2015 05:39pm
For some reason we lost a complete trust in this Govt. and its really sad that what ever they do we smell corruption...too bad Mr. DAR history will remember you by bad deeds
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Oct 02, 2015 05:44pm
More loans, is Dar a loan officer or a finance minister. If economy is improving then why we need more loans? Looks like another lie of this government.
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Oct 02, 2015 06:02pm
Dar sb, please make sure that the Koreans pay the same taxes in Pakistan as we Pakistani corporations are subject to. If you provide them unfair incentives you will have many a lawsuit on your hands. I hope you won't promote Korean companies at expensive of Pakistani opnes.
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Oct 02, 2015 06:20pm
@Gaz Yes and I assure you the greatest benefactor who will profit from this is China not PK. CPEC is not as rosy as PML paints it. Not saying it is bad and that PK won't benefit its just not the "saviour" that PML portrays it to be.
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Oct 02, 2015 06:37pm
This is a very good deals. Koreans are very good in technology than Chinese and they are desperately looking for new customers. Pakistan is a very good ground for this. Unfortunately, PML-Q kicked out Koreans in their regime and I am so thankful to PML-N that they are bringing back all the players and putting my country in order. Corruption will be there if you try to do some job, at least PML-N is doing trying to do some job.
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Oct 02, 2015 07:12pm
Another step to get a new loan from exim bank. Dar is running this economy on loan money.
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Oct 02, 2015 07:16pm
This is chicken feed...just wait a few years and you will see billions of dollars invested in Pakistan...every Pakistani will have more than two jobs...Mark my words that this will happen...nothing can now stop this ...this has nothing to do with any political party God sent blessing... Pakistan Zindabad.
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Oct 02, 2015 07:30pm
Good news after reading so many bad news. Lets hope for the successful execution of these projects.
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Oct 02, 2015 08:30pm
Despite Karachi generate a substantial amount of tax for country, but like other facilities, infrastructure of this city are also in pathetic condition. Hopefully this time govt will divert some investment to khi as well.
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Oct 02, 2015 08:42pm
This is good step of this government. Pakistan has potential and we are also keen to move forward with the other part of the world. Building infrastructure is key of sucess. Government also tries to shift some focus on education.
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Oct 02, 2015 08:50pm
Nice to see South Korea and Pakistan working together for their mutual benefit.
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Oct 02, 2015 08:57pm
@ukz During Dar time Pakistan has repaid to IMF more than it has received from IMF. During this time debt to GDP ratio has improved favorably for Pakistan. Loans utilized for improving competitiveness of the economy will enhance the viability of the industrial and agricultural sector.
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Oct 02, 2015 09:08pm
good work
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Oct 02, 2015 09:24pm
Just look at us, if this was about india this page would have been flooded with rising and shining india and how it will make them superpower in the coming days....and here our people are like loan? corruption? pml-n benefit? how much this will benefit korea etc etc....And more then our people we have black sheeps roaming on popular forums and introducing such negativity.
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Oct 02, 2015 09:49pm
@sana-2 "if this was about india this page would have been flooded with rising and shining india and how it will make them superpower " Relax. India will not become superpower by pretending to be one. India is a country in denial of the reality. We are not. That's the difference.
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Oct 02, 2015 10:23pm
The important thing is to make sure these projects are completed on time otherwise your eating foreign money and taking Pakistan into further debt. More foreign debt means more instability in country. The best way to go is let Korean companies complete these projects.
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Oct 02, 2015 11:06pm
@Akram Of course i know that, but the point is they are all going gaga on that false truth and here even after improving so much we are all dipped in negativity... we as a nation should see our country in good terms and expect that to happen rather then counting Pakistan's flaws all the time.
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Oct 03, 2015 02:49am
Pakistan should forget Japan. Japan occupied both Korea and China, and Korean and China have not forgotten. Show solidarity with those East Asian both those countries, and Indonesia.
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Oct 03, 2015 04:08am
So my understanding is that this government is utterly hopeless. They only sign contracts, take loans, give subsidies, increase taxes, disable trade, spend money on projects that are unsustainable, and loves to have their photos on billboards. They are not leaders they are just business men experimenting with publics hard earned money. They have failed to unite people, they have failed to bring positive change, they have been a great source of misery to the people of Pakistan. They are constantly relying on army which is a bad sign..
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