Sanjrani calls for increasing bilateral trade quantum with Korea

ISLAMABAD, Oct 14 (APP):Senate Chairman Muhammad Sadiq Sanjrani Thursday accentuated the need to further strengthen bilateral relations between Pakistan and South Korea in diverse fields including trade and economy.

Pakistan cherishes its relationship with Korea and hold it in high esteem, he said while talking to Korean Ambassador Suh Sangpyo, who called on him, said a news release.

Sanjrani comprehended Korea’s remarkable journey on a path of peace, democracy and prosperity.

During the meeting, views were also exchanged on bilateral relations, matters of mutual interest and the overall regional situation.

Lauding Korea’s steadfast growth, the chairman remarked that within a short span of a few decades, it has transformed itself from a developing country into a leading technologically advanced economy.

Discussing the economic ties, Sanjrani underlined that economic relation between the two countries is the bedrock of the bilateral relationship.

In the last two years, Korean companies have increased their footprints and market share in Pakistan, he added.

He underscored that the current bilateral trade of US$1.122 billion between the two countries was not commensurate to the true potential and stressed the need for Proactive measures to increase its quantum. A free trade agreement will bring benefits to both countries, he underlined.

Highlighting the importance of CPEC, Sanjrani stressed Korean multinational companies should also participate in the CPEC projects through investment and also benefit from investing in the special economic zones for enhanced regional connectivity.

“Pakistan is closely linked with landlocked Afghanistan and the Central Asian Republics. It is thus a key investment destination for countries around the world. Korean investors should also benefit from investment-friendly opportunities in Pakistan,” he emphasized.

During the meeting, he appreciated the assistance and cooperation extended by the EXIM Bank of South Korea in initiating work on the construction of establishing the Information Technology Park at a cost of US$ 88.80 million in Islamabad.

Keeping in view the recent evolving situation in Afghanistan, Sanjrani apprised the visiting dignitary that Pakistan has safely evacuated over 16000 foreign nationals through Pakistan, adding that Pakistan has also safely airlifted 392 Korean and Afghan nationals from Kabul, on the request of the Republic of Korea.

“We are desirous of expanding and deepening trade and investment ties with Korea,” Sanjrani said.

Both sides stressed the need to further enhance parliamentary relations between the two countries through exchanges between parliamentary friendship groups to bring together parliaments of the two countries closers.

He also commended Korea’s efforts for the preservation and restoration of Ghandhara civilization in Pakistan. Both sides also discussed the recent launching of the Samsung Mobile Manufacturing Unit in Pakistan.