Pakistan has good opportunities to penetrate the markets of Korea by focusing on export of value added products as demand of these products is on the rise in South Korea.

This was said by Mr.Shaukat Ali Mukadam, Ambassador-designate to Republic of Korea while exchanging views with Mr.Zahid Maqbool, President, Islamabad Chamber of Commerce & Industry during his visit to ICCI.

He said in addition to naphtha, unrefined copper, indentured ethyl alcohol, leather & its products, fruits and frozen fish and cotton fabrics, Pakistan is mostly exporting cotton yarn to Korea. But it can increase sufficiently its exports to Korea by turning yarn into value-added textiles.
He said there is also great scope for joint ventures between the Pakistani and Korean entrepreneurs, especially in the Hydal-power, textiles and coal sectors and stressed upon the businessmen to accelerate their efforts to turn these opportunities into realities.

He said Korea is a strong economy with US$ 28,000 per capita income and Pakistan should diversity its exports by focusing on non-traditional items to promote trade with Korea. For this purpose, government should establish warehouses and godowns in South Korea which will facilitate in expanding bilateral trade.

He assured the businessmen that during his tenure as Ambassador in Korea, he would try to explore maximum business opportunities for Pakistani entrepreneurs so that they could further promote Pakistan’s economic interests in Korea.

Speaking on the occasion, Mr.Zahid Maqbool, President, Islamabad Chamber of Commerce & Industry said that  Pakistan-Korea two-way trade stood at US$ 1.11 billion in 2009 despite the fact that both countries possess good potential to increase it.

He said exchange of information about commercial opportunities, industrial cooperation, investments, establishment of joint ventures, exchange of trade delegations and holding of single country exhibitions  are the best tools to improve trade and economic relations.
He said Pakistan Embassy in South Korea should prepare this information and share it directly with country’s Chambers to enable businessmen to make efforts for exploiting the identified business opportunities.

He said Pakistan has a highly talented workforce and utmost efforts should be made for their maximum absorption in Korean markets.