The Ambassador of the Republic of Korea, Park Ki Jun, announced that negotiations for the Korea-Pakistan Economic Partnership Agreement (EPA) are expected to commence in the first half of this year, establishing a new institutional framework to enhance economic cooperation between the two nations.
Speaking at a meeting during his visit to the Karachi Chamber of Commerce and Industry (KCCI), he emphasized the need to move beyond diplomatic ties toward a mutually beneficial economic partnership.
The meeting was attended by Korean Consul General Yi Sungho, KCCI Senior Vice President Zia ul Arfeen, Vice President Faisal Khalil Ahmed, Former President Majyd Aziz, and KCCI Managing Committee members.
Ambassador Park highlighted Pakistan’s rich natural and human resources and Korea’s advanced technology and economic expertise, calling this combination a strong foundation for deeper collaboration. He described Pakistan as a fast-growing economy with a youthful population, making it an attractive destination for Korean businesses.
Encouraging Pakistani enterprises to explore opportunities in Korea, he assured that the Korean Embassy would integrate insights from the business community and maintain close coordination with KCCI to foster economic ties. He noted that currently, eight Korean companies operate in Karachi, and approximately 200 Korean citizens reside in the city, positioning Karachi as a key hub for expanding economic relations.
Commending Pakistan’s efforts to address economic challenges and promote sustainable growth, he acknowledged improvements in key macroeconomic indicators. He also welcomed the government’s five-year economic development plan, expressing confidence that it would strengthen Pakistan’s long-term growth and benefit both local businesses and foreign investors, including Korean firms.
KCCI Senior Vice President Zia ul Arfeen underscored the longstanding diplomatic and economic relations between Pakistan and South Korea, noting that the partnership has evolved over the years to facilitate enhanced collaboration across various sectors. He stressed the significance of the EPA in doubling bilateral trade and unlocking new economic opportunities, urging both countries to diversify trade for maximum gains.
Recognizing South Korea’s leadership in artificial intelligence (AI), Arfeen proposed the establishment of AI-focused training programs and research centers in Karachi, Lahore, and Islamabad. He also invited Korean investment in Pakistan’s refining sector, emphasizing that Korea’s technological expertise could help modernize local refineries, improve energy security, and reduce import dependence.
Additionally, he encouraged Korean companies to capitalize on Pakistan’s strong textile and agriculture sectors, its 1,000-km coastal belt as a gateway to global markets, and the development of technology parks to drive economic integration.
