Visit of Mr. Abdul Razak Dawood, Advisor to the Prime Minister on Commerce, Textile, Industry & Production and Investment at Seoul, Korea

Seoul 31st July-3rd August, 2019. The Advisor to the Prime Minister on Commerce, Textile, Industry & Production and Investment, Mr. Abdul Razak Dawood, visited Korea on 31st July to 3rdAugust, 2019. He was accompanied by Secretary Commerce, Mr. Sardar Ahmad Nawaz Sukhera, Joint Secretary, Mr. Shafiq Shahzad and a 7-member business delegation from different sectors of Pakistan.

The Advisor met with the Minister of Trade, Industry and Energy (MOTIE) of Korea, Mr. Sung Yun-mo and discussed opportunities for further enhancing bilateral trade and investment. He also discussed the early convening of JTC meeting to give new impetus to trade relations. The Advisor informed about the recent economic initiatives related to ease of doing business that are expected to boost the foreign direct investment and business activity in the country. He suggested that the two countries work towards an early harvest program for concessionary market access for key products.

Minister of Trade, Industry and Energy (MOTIE) while agreeing to the Advisor that there is a great potential to expand and strengthen relations between the two countries, said that working level discussions may be started to negotiate the Free Trade Agreement. He appreciated efforts of the current government in formulating business friendly policies.

The Advisor said that Pakistan and Korea enjoy friendly relations dating back to 1983 when diplomatic ties were established. He expressed Pakistan’s willingness to play a greater role in the ambit of President Moon’s New Southern Policy. While stressing that Pakistan is open to business from companies around the world, said that Korean companies need to increase their footprint in Pakistani market.

The Advisor presided over a Seminar titled “Emerging Business opportunities in Pakistan” attended by the accompanying delegation, leading vendor companies of Korea and senior government officials from the Ministry of Foreign Affairs and Ministry of Industry, Trade and Energy of Korea. He also attended a networking dinner with Korea Importers Association (KOIMA). KOIMA is Korea’s only private organization exclusively dedicated to facilitating imports into the country with 8,500 members, specialists in their respective business fields. He invited Korean companies to participate in CPEC related projects and also proposed establishment of Exclusive Economic Zone for Korean companies as part of CPEC.

During the visit, H.E. Abdul Razak Dawood also held meetings with the heads of private sector organizations in his efforts to draw investment from Korea i.e. Daelim, Lotte Group, Daewoo E&C, K-Water, Korea Railway Network Authority (KRNA), Korea Energy (KOEN),Korea Hydro and Nuclear Power (KHNP), Korea Overseas Infrastructure and Urban Development Corporation (KIND) and Korea Importers Association (KOIMA). Korean corporate and business leaders appreciated and thanked the Advisor for briefing them and expressed keen interest in boosting trade and investment ties with Pakistan.