Pakistan and South Korea forge new economic partnership

Efforts led by the Special Investment Facilitation Council (SIFC) are bearing fruit as Pakistan and South Korea have entered a new phase of economic cooperation with the signing of an economic partnership agreement.

The agreement, which underscores the commitment of both nations to enhance trade, investment, and their long-standing diplomatic relations, was formalised with South Korean Minister of Trade Inkyo Cheong presenting a plan to transfer Korea’s industrial base to Pakistan. This move aims to foster long-term economic collaboration between the two countries.

Minister Cheong also expressed interest in sending a South Korean business delegation to Pakistan to strengthen private-sector ties. The delegation is expected to open new avenues for cooperation in key sectors such as food, IT, minerals, textiles, and logistics.

Pakistan’s Federal Minister for Commerce, Jam Kamal, emphasised the significant potential for bilateral trade, estimating that annual trade between the two nations could reach $1.3 billion. He also highlighted the importance of leveraging South Korea’s technological advancements to drive growth in Pakistan.