Pakistan has potential to be world’s fast growing economy: Yi Sang Ho

Consul General of the Republic of Korea Yi Sang Ho and Chairman & CEO of Pakistan Observer Mr. Faisal Zahid Malik discussing the bilateral relations during a meeting at the Karachi Consulate.— PO photo by Nauman

Consul General of the Republic of Korea (ROK) Yi Sang Ho has said that Pakistan and Korea relations have grown in all fields especially in trade and investment. While welcoming the chairman & CEO Pakistan Observer Faisal Zahid Malik at Karachi consulate, the CG Republic of Korea Yi Sang Ho said that South Korea was one of the most developed economies and in technological advancement it is the 10th largest economy in the world with a GDP of US$2.76 trillion.

Despite close bilateral relations, the trade volume between Pakistan and Korea is approximately US$1.9 billion. Currently around 800 Korean citizens living in Pakistan, while over 20 Korean companies are also investing in Pakistan. Korea is playing a vital role in helping Pakistan with its economic front. Five development projects are underway in Pakistan while the IT Park in Islamabad has already been completed with Korean support.

Now construction of a similar park is going on in Karachi, which is not only a source of employment but also a source of development in technology. A Korean company is also building a modern children’s hospital in Sukkur, he said adding, South Korea had given more than US $3 million to help flood victims in Pakistan. He said, “Pakistan had the potential to be among the world’s largest economies in the 21st Century,” and assured that the Korean government would continue to support Pakistan in achieving that goal.

Chairman & CEO Pakistan Observer Faisal Zahid Malik expressed deep appreciation on the fast-track economic growth of Korea and the technological advancement. He highlighted how the two countries shared a deep sense of community, and a millennia-old bond manifested through the Buddhist tradition and Gandhara civilization. Mr Faisal Malik also emphasized the extensive cooperation between Pakistan and Korea, including in the fields of trade, IT, human resources, and infrastructure.

While commenting on the rich history of Pakistan-ROK relations, socio-cultural ties, development and economic cooperation and the contribution of respective diasporas, Faisal Malik underscored the strong potential for future collaboration. He pledged to intensify cooperation in all fields, including economic, cultural and people-to-people contacts. Faisal Zahid Malik also urged the need to boost the relations by media exchange programmes between the two countries.

Endorsing Pakistan Observer and contributions towards journalism, the CG Republic of Korea Yi Sang Ho presented a shield to the chairman & CEO Pakistan Observer Faisal Zahid Malik.