Pakistan, South Korea Sign Agreement to Enhance Economic Cooperation

Karachi: Pakistan and South Korea have signed a landmark agreement to boost economic cooperation, marking a new chapter in their trade relations. South Korea’s Minister for Trade, Inkyo Cheong, presented plans to transfer Korea’s industrial base to Pakistan, fostering opportunities in sectors like food, I.T., minerals, textiles, and logistics.

According to Radio Pakistan, this collaboration is driven by Pakistan’s affordable labor and liberal investment policies, as a result of SIFC’s efforts to promote international partnerships for the development of Pakistan’s economy. This agreement reflects the commitment to promote trade, investment, and long-standing diplomatic relations between the two countries.

Meanwhile, Minister for Commerce, Jam Kamal, highlighted the potential for 1.3 billion dollars in annual trade between Pakistan and South Korea. He also emphasized the importance of Pakistani businesses learning from South Korea’s technology.