Korean Ambassador to Pakistan Song Jong Hwan said Pakistan has all the required ingredients to grow like China and become a powerful economy, as he addressed a meeting at the Lahore Chamber of Commerce and Industry (LCCI).

Korean Ambassador said that in 1980, China was like Pakistan and today it has become an economic giant.

“I am sure that 10 years down the line, Pakistan would be a shining star on the world economic horizon,” Hwan said.

Hwan called for a proper sector-specific strategy to identify the challenges and problems coming in the way of bilateral trade between Pakistan and Korea.

He urged the LCCI to arrange a business delegation to South Korea so that Pakistani businessmen could have first-hand knowledge about opportunities there.

LCCI President Ijaz A Mumtaz said that Korea is an important trading partner of Pakistan.

Mumtaz said that the total volume of trade between Pakistan and Korea was around $1.26 billion in 2013 but came down to almost $1 billion the following year.

“Although the value of bilateral trade is above $1 billion, there is still margin for improvement,” said Mumtaz. “Korea has already declared Pakistan a priority destination for investment and business in recent meetings.”

Published in The Express Tribune, August 20th, 2015.

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