The Consul General of the Republic of Korea, Yi Sungho, recently announced that the Korean Government is set to establish an IT Center in Karachi, near the airport. The center aims to provide a promising opportunity for young IT startups in Pakistan to collaborate with Korea, fostering technological advancements and trade relations between the two countries.
During a visit to the Karachi Chamber of Commerce and Industry (KCCI), Consul General Yi Sungho disclosed that a similar IT center’s construction has already been completed in Islamabad. The Korean Government is keen on supporting Pakistan in developing its IT sector, emphasizing the need for robust policies to educate and train young talent in the IT field. He stressed the importance of investing in education and training to nurture potential geniuses capable of revolutionizing various sectors of the economy, not just IT.
Consul General Yi Sungho acknowledged that the trade volume between Korea and Pakistan appears relatively low, considering the size of both economies. However, efforts are underway to enhance trade relations, although challenges, such as the impact of the COVID-19 pandemic and foreign exchange issues, have posed setbacks. He expressed optimism that trade between the two nations will rebound in the future.
Korea’s presence in Pakistan’s automobile sector was highlighted, with KIA Motors and Lucky Motor successfully operating in the country. While KIA temporarily reduced its operations due to LC (Letter of Credit) issues, it is expected to restore its operations once the situation normalizes.
To support Pakistan’s economy and boost remittances from workers, the Korean Government has extended the quota for Pakistani workers to 4,000, with 3,000 already called to work in Korea.
Regarding investment potential in the textile industry, the Consul General pointed out that Korean companies had previously moved their manufacturing units to Bangladesh due to lower labor costs. However, he noted that the cost of labor in Pakistan is now even lower than in Bangladesh, potentially attracting Korean companies to set up businesses in Pakistan if favorable business conditions are provided.
The Consul General highlighted the significance of Karachi as the center of economic activities in Pakistan and urged the business community to further develop the city’s potential. He expressed interest in establishing a Korean Language Learning Center in Karachi to strengthen cultural and educational ties between the two nations.
KCCI President Tariq Yousuf warmly welcomed the Korean Ambassador and emphasized the need to accelerate bilateral trade volume and work towards a Free Trade Agreement. He urged Korean companies to explore joint ventures and investments in Special Economic Zones under the China-Pakistan Economic Corridor (CPEC). Yousuf also suggested that participation in trade fairs and exhibitions would open up new trade avenues and promotion strategies for both countries.