The Consul General of the Republic of Korea, Yi Sungho, announced that the Korean Government is establishing an IT Center near Karachi’s Airport to foster collaboration with young IT startups in Pakistan. The initiative, known as #GreenWayForward, aims to support reforestation efforts and natural resource management in the country through a partnership with World Wide Fund for Nature Pakistan (WWF-Pakistan).
Speaking during a meeting at the Karachi Chamber of Commerce & Industry (KCCI), Yi Sungho highlighted the importance of strong policies and investments in training and educating young people in the IT sector. He emphasized the need to discover talents capable of driving a revolution in various sectors of the economy, including IT.
The Korean envoy expressed optimism about expanding trade volume between Korea and Pakistan. Despite challenges posed by the COVID-19 pandemic and economic difficulties, he believed that trade would rebound in the future. Yi Sungho acknowledged the success of Korean companies like KIA Motors in Pakistan’s automobile sector and extended an invitation for Pakistani workers to work in Korea, demonstrating the Korean Government’s support for Pakistan’s economy and workers’ remittances.
Regarding investment potential, the Korean Consul General pointed out that Pakistani textile companies could attract Korean businesses due to low labor costs. He mentioned that if Pakistan provided a favorable business environment, Korean companies might consider relocating their manufacturing units to the country.
Furthermore, the envoy disclosed that Pakistan’s Embassy in Korea would organize an Investment & Trade Promotion Conference to enlighten Korean companies about investment opportunities and the investment environment in Pakistan. The Korean Language Learning Center in Karachi is another prospect to be explored, aiming to facilitate cultural exchange and communication between the two nations.
KCCI President Tariq Yousuf welcomed the Korean Ambassador and stressed the need to accelerate bilateral trade volume. He emphasized the significance of a clear roadmap for a Free Trade Agreement that could strengthen trade relations and open new dimensions. Yousuf urged Korean companies to explore joint ventures and investments in Special Economic Zones under the China-Pakistan Economic Corridor (CPEC). He also encouraged Korean corporations to contribute to Pakistan’s economy by adding value to sectors like textiles, coastal belts, and Technology Parks.
The meeting concluded with a call for greater collaboration and matchmaking between Pakistan and Korea, fostering opportunities for mutual growth and prosperity.
