Daily Times

ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin, said here on Tuesday that Pakistan was looking forward to further strengthen bilateral relations with Korea and promote trade and investment linkages between the two countries.

During a meeting with the Ambassador of the Republic of Korea, Suh Sang-Pyo who paid a courtesy call on him, the minister thanked Korea for 3-year Framework Arrangement under which $500 million are being provided for projects in IT, education, and health.

Both sides exchanged views on economic potential and stressed the need to further promote mutual trade and investment linkages, according to a press statement issued by the finance ministry.

The finance minister expressed the desire of increasing exports to Korea, the statement added.  He briefed the Korean Ambassador about the recent economic developments and initiatives.

The current Government aims at achieving all-inclusive and sustainable economic growth with a key focus on a “bottom-up” approach, he said adding the government had chalked out short, medium, and long-term plans to spur growth in key priority areas.

Furthermore, he said, the government was coming up with a comprehensive policy for the expansion of the auto industry in Pakistan by increasing the production of cars, motorcycles, tractors, etc.

He said the government was determined to encourage and incentivize foreign investors who were keen to undertake investment ventures in respective fields.

The government also stands committed to reviving the business and industry that has been hit hard due to the Coronavirus pandemic.

He said the ultimate focus of the government was employment generation, efficient resource mobilization, and industrial growth.

He welcomed plans by Samsung to start cell phone assembly in Pakistan and promised full facilitation in this regard.

On the occasion, the Korean Ambassador thanked the Finance Minister for his time and underscored the importance of people-to-people contact between the two countries.

He also highlighted the potential for further cooperation in hydropower generation and stated that Korean companies are satisfied with the business environment in the country.

The Finance Minister affirmed full support and cooperation on the occasion, the statement concluded.