Korean Ambassador leads discussions on bilateral cooperation with Pakistan's Industries Minister
Islamabad - 23 May 2024 (Adnan Hameed): Federal Minister for Industries and Production, Rana Tanveer Hussain, held a productive meeting with the Ambassador of the Republic of Korea, Park Kijun, accompanied by a delegation from leading South Korean companies. The discussions centered on bolstering bilateral cooperation between the two nations across various sectors. During the meeting, Minister Hussain highlighted the historical and cordial relations shared between Pakistan and Korea, emphasizing the multifaceted collaboration existing in economic and cultural domains. Matters of mutual interest, including bilateral cooperation and challenges faced by Korean companies in Pakistan, were thoroughly deliberated upon. Minister Hussain assured the visiting delegation of prompt resolution to all pending matters, reaffirming the government's commitment to facilitating an enabling environment for business and investment. He apprised Ambassador Park Kijun of the government's initiatives to revitalize industrial activities in Pakistan, particularly through the Automotive Industry Development and Export Plan (AIDEP 21-26), which has attracted significant investment in the automobile sector. Furthermore, Minister Hussain elaborated on the government's focus on establishing Industrial Parks/Special Economic Zones to promote industrial activity, highlighting the incentives available to investors, including income tax holidays for ten years and duty-free import of capital goods. Ambassador Park Ki Jun expressed Korean companies' keen interest in investing in Pakistan and underscored the importance of exploring new investment opportunities. He emphasized the need to strengthen economic and cultural ties between the two countries, seeking avenues for enhanced bilateral cooperation.
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