KARACHI, June 18: Korean Ambassador Jeon Boli-Guan said on Friday that bilateral trade between Pakistan and Korea would soon touch $1 billion mark.

Speaking at the inaugural ceremony of three-day (June 18-20) Korean exhibition "Hi-Tech Korea 2004," being held at Karachi Expo Centre, the envoy said that currently the volume of two-way trade between the two countries stood at $700 million.

However, Mr Jeon said the balance of trade was still in favour of Korea and there was greater need that Pakistani exporters should try to penetrate into Korean market to improve this balance.

He further said that the objective of holding of this exhibition was to promote Korean companies and their products operating in Pakistan. The Korean envoy hoped that even next year this fair would be held to keep the pace with rising trade volume between the two countries.

President Karachi Chamber of Commerce and Industry Siraj Kassam Teli speaking as chief guest at the inaugural ceremony said that the holding of exhibition by Korea Trade Centre was very timely for improving the image of Pakistan.

He said this exhibition would send positive signals to foreign investors about law and order situation and would also help improve the image of the country, which is being tarnished by Western media.

"It is in this context that the KCCI is organizing a three-day exhibition from July 30 to August 1, 2004, at Expo Centre, bearing the theme "May Karachi - Oasis of Harmony." The foreign missions have also been invited to participate in the exhibition and for them special galleries have been allocated," Mr Teli added.

He said that it was noteworthy that Pakistan and Korea had almost same level of economic development in 50s. Pakistan, rather had a slight edge on Republic of Korea. "However, the people of Korea, its government and the private sector, deserve our appreciation for achieving an incredible record of growth and integration into high-tech modern world economy, whereas Pakistan is still struggling to make its mark in a big way."

However, the KCCI chief said that it was reassuring that during the current year, the process of economic recovery had shown remarkable acceleration. The large-scale manufacturing sector registered an impressive growth of 17pc, while the overall private investment moved up from 16 per cent of GDP to 18.5 per cent.

He said that the trade figures were not reflective of the close and cordial ties the two countries were enjoying as Pakistan's exports to Korea increased from $193.29m in 1998-99 to $279 million in 2000-01, but declined to $219m in 2002-03 whereas imports increased from $341.8m in 1998-99 to $363m in 2000-01, but fell to $337.1 million in 2002-03. He further said that both the countries had made a tremendous headway in joint ventures and industrial cooperation.