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Korean envoy to Pak stresses on textile sector partnership
24
Mar '15
Collaboration between the textile sectors of Pakistan and South Korea can give a boost to economies of both countries, the South Korean envoy to Pakistan said.

Ambassador of South Korea, Jong Song Hwan said this while speaking at the office of the Pakistan Textile Exporters Association (PTEA) in Faisalabad.

According to the envoy, Pakistan was the fourth largest cotton growing country, besides also being the eight largest textile and apparel exporting country, while Korea produced the best textile machinery.

“We can collaborate in the textile sector to give a boost to economies of both, Pakistan and South Korea”, he said.

He said Korea considers Pakistan as a priority investment and business destination and also expressed optimism that trade ties would get better as both governments were taking the required measures.

“The ambassador however also underlined on the need to broaden and diversify product lines of both countries through various initiatives,” Pakistan media reported.

He shared an opinion that lack of trade-related information was the biggest impediment to Korean investors investing in Pakistan.

Hwan suggested drafting a proper sector-specific strategy, which could identify challenges coming in the way of trade between the two countries.

“However, all-out efforts are being made to increase interaction between industry of both countries to hike trade volumes,” he added.

Speaking earlier, PTEA chairman Sohail Pasha expressed concern over the low volume of trade between the two countries.

He underscored the need for finding the main causes of shrinking trade, identify weaknesses and devise a strategy which must focus on trade and economic expansion.

He requested Korean investors to invest in various sectors of Pakistan which would prove favourable for the investors as well as the Pakistan economy and generate additional jobs.

He added, “Bearing in mind that the Korean economy runs into trillions of dollars, there is still a lot of space to increase investment and trade relations between the two countries.” (AR)

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