South Korean multinational companies should participate in CPEC projects: Senate Chairman

Islamabad: Senate Chairman Muhammad Sadiq Sanjrani has said that South Korean multinational companies should participate in the China-Pakistan Economic Corridor (CPEC) projects.

In a meeting here with South Korean Ambassador to Pakistan Suh Sangpyo, the Senate Chairman highlighted the importance of CPEC for the region.

Sanjrani stressed Korean multinational companies should also participate in the CPEC projects through investment and benefit from investing in the CPEC’s Special Economic Zones (SEZs) for enhanced regional connectivity.

“Pakistan is closely linked with landlocked Afghanistan and the Central Asian Republics. It is thus a key investment destination for countries around the world. Korean investors should also benefit from investment-friendly opportunities in Pakistan,” he emphasized, according to the officials details of the meeting.

Sanjrani underscored the need to further strengthen bilateral relations between Pakistan and South Korea in diverse fields including trade and economy.

“Pakistan cherishes its relationship with Korea and holds it in high esteem. Pakistan also appreciates Korea’s remarkable journey on a path of peace, democracy and prosperity,” he maintained.

During the meeting, views were also exchanged on bilateral relations, matters of mutual interest and the overall regional situation.

Lauding Korea’s steadfast growth, the Senate Chairman remarked that within a short span of a few decades, it has transformed itself from a developing country into a leading technologically advanced economy.

Discussing the economic ties, Sanjrani underlined that economic relation between the two countries is the bedrock of the bilateral relationship.

In the last two years, Korean companies have increased their footprints and market share in Pakistan, he added.

He remarked that the current bilateral trade of US $ 1.122 billion between the two countries was not commensurate to the true potential and stressed the need for Proactive measures to increase its quantum. A free trade agreement will bring benefits to both countries, he underlined.

During the meeting, he appreciated the assistance and cooperation extended by the EXIM Bank of South Korea in initiating work on the construction of establishing the Information Technology Park at a cost of US$ 88.80 million in Islamabad.

Keeping in view the recent evolving situation in Afghanistan, Sanjrani apprised the visiting dignitary that Pakistan has safely evacuated over 16000 foreign nationals through Pakistan, adding that Pakistan has also safely airlifted 392 Korean and Afghan nationals from Kabul, on the request of the Republic of Korea. “We are desirous of expanding and deepening trade and investment ties with Korea,” Sanjrani said.

Both the sides stressed the need to further enhance parliamentary relations between the two countries through exchanges between parliamentary friendship groups to bring together parliaments of the two countries closers.

He also commended Korea’s efforts for the preservation and restoration of Ghandhara civilization in Pakistan. Both sides also discussed the recent launching of the Samsung Mobile Manufacturing Unit in Pakistan.