ISLAMABAD:
Prime Minister Nawaz Sharif on Monday offered South Korea a Free Trade
Agreement (FTA) and strategic business partnership for the next three
years and expressed the resolve that the South Korean investors would be
provided with all the facilities in Pakistan.
Prime
Minister Nawaz Sharif extended these commitments during a meeting with
the Republic of Korea Prime Minister Chung Hongwon, who called on him
along with a high-level delegation at the PM House.
Nawaz
Sharif said that Pakistan was happy to witness the progress and
development of the Republic of Korea and they were interested to learn
from the Korean experience.
“Moreover, the two governments
must promote interaction and cooperation between their private sectors
and regular interaction between the respective Boards of Investment and
chambers of commerce and industry,” he added.
While
discussing the economic prospects, he said that it was heartening to
note that the trade between the two countries had reached $1.6 billion
in 2012. “Pakistan has proposed a comprehensive Free Trade Agreement
(FTA) that covers trade, investment and services so that trade between
the two countries could be further enhanced,” he added.
Nawaz
Sharif appreciated the ‘Joint Business Forum’ organised by KOTRA (Korea
Trade Investment Promotion Agency) and Board of Investment, Pakistan,
on the sidelines of this visit and expressed the hope that as an outcome
of the Business Forum, the Korean companies would be engaged in energy,
infrastructure development, railways and telecommunication sectors. He
stressed for preparing a Country Partnership Strategy between the two
countries for the next three years (2013-15). “The Lahore- Islamabad
Motorway bears testimony to the mutually beneficial cooperation between
the two countries and we want to replicate and enhance such cooperation
in other fields,” he added.
Nawaz Sharif said that
Pakistan offered huge opportunities to the Korean business companies in
energy generation, including hydel, wind, solar, biomass and coal
generation and Pakistan would appreciate if the Korean companies
participated in initiatives such as the Gadani Power Park and
Quaid-e-Azam Solar Park. He said that construction of offshore and
onshore LNG terminals also offered investment opportunities to Korean
companies and Pakistan would welcome and facilitate Korean capital and
technology in these sectors.
He said that the Free
Economic Zone, along with the Pak-China Economic Corridor, also offered
investment opportunities to Korean investors. “In this Economic Zone,
Korean SMEs can establish JVs in manufacturing sector to cater for a
large and growing domestic market as well as Korean and regional
markets,” he added.
He invited Korean financial
institutions to start their operations in Pakistan adding that opening
of a branch of a Korean bank in Pakistan would boost business between
the two countries.
Cooperation in science and technology,
bio-engineering, information technology and exchange of human resources
and other areas of common interest with Korea were also discussed. The
PM thanked the Korean government for looking after 900 Pakistani
students and expressed the hope for increasing scholarships being
offered to Pakistani students.
The Korean prime minister
thanked PM Nawaz Sharif, the government and the people of Pakistan for
extending a warm welcome during his visit. Chung Hongwon said that
Pakistan and Korea should expand their trade, economy and energy sectors
and enhance the bilateral relations by increasing personnel exchanges
in the private sector. Views were also exchanged on regional and
international issues.
Earlier, the two prime ministers
witnessed the signing of three MOUs between Pakistan and Korea on trade,
industry and energy. The MOUs were signed by Muhammad Shahzad Arbab,
Secretary Commerce from Pakistani side, and Han Jinhun, Vice Minister
for Trade and Energy from the Korean side.
Before the
delegation-level talks, the two premiers held one-on-one meeting. While
welcoming the Korean PM, Nawaz Sharif said, “We are very happy to host
you as the first-ever Korean prime minister to visit Pakistan since the
establishment of our diplomatic relations 31 years ago. It is my
government’s resolve to strengthen and expand the relations with the
Republic of Korea in all fields,” he added. He said that the traditional
cordial relationship between Pakistan and the Republic of Korea needed
to be transformed into a substantive partnership in trade, investment,
energy and infrastructure.
Later, the PM hosted a lunch
in the honour of the visiting delegation. Dr Song Jong-hwan, Korean
Ambassador to Pakistan, Cho Taeyul, Vice Minister for Foreign Affairs,
Han Jinhyun, Vice Minister for Trade and Energy from the Chinese side,
and Engineer Khurram Dastagir, Minister for Commerce, Ahsan Iqbal,
Minister for Planning, Sartaj Aziz, Adviser to PM on Foreign Affairs and
National Security, Syed Tariq Fatmi, Special Assistant to PM from the
Pakistani side, attended the meeting.