Pakistan’s economic growth and its recent reclassification as an emerging market have made the country an attractive investment destination. It has been recently reported that South Korean companies have expressed their interest to invest in Pakistan.
While speaking at the Lahore Chamber of Commerce & Industry (LCCI), South Korea’s National Assembly Speaker Chung Sye Kyun hinted the possibility of collaboration between Korean companies and their Pakistani counterparts. He said that Pakistan has an abundance of human and natural resources, and added that the two countries already have good trade and diplomatic relations. He stressed on the point that the governments of both the countries are working tirelessly to increase the trade volume.
The LCCI’s President Abdul Basit and Senior Vice President Amjad Ali Jawa were also present in the meeting. The LCCI president opined that the meeting of parliamentary delegations from South Korea and Pakistan is a commendable step, taken in the right direction.
During the meeting, the LCCI president humbly recognized South Korea’s achievements in every field. He said that a country can only achieve high level of creativity and innovation through education. This is how South Korea achieved its industrial growth: by tapping on the right sectors – education and agriculture. The country’s education sector is recognized throughout the world. Abdul Basit believes that in addition to trade, Pakistani universities must also work to strengthen their relationship with South Korean universities. Through this collaboration, the country is likely to produce even more skilled and hardworking workforce. Abdul Basit concluded the meeting with the comment that many Pakistani nationals are living in South Korea, because they enjoy equal opportunities in the country.
Pakistani market has a lot of potential that, unfortunately, cannot be explored without high-tech machinery and huge funds. Therefore, Pakistan has to rely on foreign investment to create economic opportunities, and achieve economic growth. South Korean investors have also expressed their willingness to spend $60 million in Punjab. The investment will be used to generate energy from waste.
Along with the investment in the energy sector, Korean companies are also willing to invest in IT, mining and agriculture sectors. Korean investment will help Pakistan witness massive economic growth.