ISLAMABAD, Nov 27 (APP): Pakistan and South Korea on Friday agreed to work towards early finalization of Free Trade Agreement(FTA) besides enhancing the bilateral trade volume, which presently stands at US$ one billion annually.
“Pakistan is keen to finalize FTA with South Korea as soon as possible to explore new avenues to increase bilateral trade volume”,Minister for Planning, Development and Reforms, Ahsan Iqbal said during a meeting with First Vice Minister of South Korea Lim
Sungnam who along with a delegation called on him here.
Ahsan Iqbal said the two countries had a long history of
partnership in economic field.
He also appreciated the economic support extended by South
Korea to Pakistan on various occasions particularly in the time of
“Korea is a very huge visibility in terms of cooperation in
infrastructure development. The first phase of Motorway was
constructed by a Korean company. We hope to further enhance
cooperation with Korea in infrastructure development and energy in
future”, he added.
Ahsan Iqbal also sought the help of South Korea to develop
industrial parks, which he said was part of Motorway project.
Ahsan Iqbal said that one of the flagship projects is Malakand
Tunnel project and its feasibility has been completed.
South Korea can help Pakistan to construct this tunnel at its
earliest, he added.
The Minister also sought the help of South Korea for
developing and upgrading the SME, engineering and rural economy
sectors, in which it has done marvelously over the years.
Ahsan Iqbal also informed the Korean delegation about the
construction of Diamar-Bhasha Dam and Dasu Dam, which he said are
aimed at ensuring the food, energy and water security in the
Pakistan is currently facing serious challenges of energy,
water and food and these projects are necessary because in the last
three decades, no big dam was built in the country.
Ahsan Iqbal said that apart from partnership in economic
field, Pakistan is keen in knowledge sharing area with Korea.
“We want to learn from the experiences and achievements of
South Korea in economic development and advancement areas”, he
South Korean Minister appreciated the economic recovery made
in the last two and half years and assured that his country would
work towards furthering economic partnership with Pakistan.
He particularly appreciated the hard work put in by Federal
Minister Planning and Development Ahsan Iqbal for formulating Vision-
He also invited to Minister Planning and Development Ahsan
Iqbal to visit South Korea, which he candidly received.