ISLAMABAD: The Islamabad Chamber of Commerce and Industry (ICCI) and Korea Importers Association (KOIMA) signed a Memorandum of Understanding to promote trade cooperation between Pakistan and South Korea. Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry and Taeyong Thomas Shin, Chairman, Korea Importers Association signed the MoU. Engr. Khurram Dastgir Khan, Federal Minister for Commerce and Jong Hwan Song, Ambassador of Republic of Korea were present at the occasion.
Both sides agreed to work for developing business linkages and cooperation among the entrepreneurs of both countries to explore new avenues of business matchmakings and mutual collaboration. They shall take measures to foster friendships and understanding between the private sectors of both countries with an aim to promote two-way trade, investment, technology transfer and joint ventures and encourage participation of entrepreneurs in each other country’s exhibitions.
Speaking at the occasion, Engr. Khurram Dastgir Khan, Federal Minister for Commerce said that South Korea has a lot to offer to Pakistan in terms of trade facilitations and investments and hoped that the signing of MoU between ICCI and KOIMA would be helpful in increasing bilateral trade between both countries.
Jong Hwan Song, Ambassador of Republic of Korea said that absence of free trade agreement and lack of proper understanding among the trade bodies of two countries were major reasons for below potential trade between Pakistan and South Korea. However, he said that this MoU will hopefully facilitate cooperation between business communities leading to better growth of bilateral trade between both countries.
Atif Ikram Sheikh, president, Islamabad Chamber of Commerce and Industry said that being a developed country, Korea could help Pakistan in improving its economy. He said Korea’s annual imports were about US$ 500 billion and was optimistic that the MoU will help our businessmen in exploring new opportunities for promoting trade to Korea.
Taeyong Thomas Shin, chairman, Korea Importers Association said that 8500 importers in Korea were members of KOIMA and MoU of cooperation will enable them to enhance their imports from Pakistan as prices of many Pakistani products could be quite competitive for them.
