LAHORE, June 18: Ambassador Shin Un has said that South Korea will contribute to Pakistan’s economy by sharing the technology at the time when acute power shortage has virtually crippled its industrial sector.

Talking to Lahore Chamber of Commerce and Industry (LCCI) President Muhammad Ali Mian, Senior Vice-President Mian Muzaffar Ali and Vice-President Shafqat Saeed Piracha here on Wednesday, the South Korean envoy said that technological advancement was the only way for Pakistan to become a global player in terms of trade and business.

The volume of trade between Pakistan and South Korea was bound to increase as the governments of both countries were making efforts in this regard.

He said that unavailability of the required trade-related information was the biggest hurdle in the way of South Korean investment in Pakistan. Korean investment in Pakistan was very little compared to rest of the world. Pakistan should send a business delegation to Korea to have firsthand knowledge of trade and investment opportunities there. There was also a need for technology transfer as both countries had a lot to learn from each other.

There was a big potential for fruit business in Korea and Pakistan.

Koreans learnt a lot from Pakistan in terms of agriculture in 1960s.

LCCI President Muhammad Ali Mian said South Korea was one of the key trading partners of Pakistan, sharing 1.79 per cent of its total trade, 1.16 per cent of its exports and

2.16 per cent of its imports in 2006-07.

He said Korea could increase the import of cotton, raw hides and skins, fish, medical apparatus, toys and games, leather products, apparels and textile articles from Pakistan.