South Korea seeks benefits of CPEC


Staff Report

ISLAMABAD: South Korean Ambassador Suh Sangpyo has said that in order to make Korea-Pakistan Economic Corridor (KPEC) a success, Korea would like to have similar incentives like the incentives being offered to investment in China-Pakistan Economic Corridor (CPEC).
“Korea and Pakistan needs to grow their bilateral cooperation going on from 1960s. Pakistan can prove to be the favourite destination for Korean tourists and investors as Pakistan has rich Buddhist religious and cultural heritage,” said the ambassador while speaking to a select group of journalists.
“Around 30 per cent people in South Korea are Buddhist and they love to visit the heritage sites in Pakistan. My dream is that PIA [Pakistan International Airlines] starts direct flights from Seoul to Islamabad. If this happens, Korean tourists and investors would come in droves to Pakistan,” he added.
He said that Pakistan is best pilgrimage destination for Korean investors but there are some problems for foreign investors in Pakistan.
“Though Pakistan has improved in ease of doing business index lately. But there is a lot to be done to attract foreign investors. Korean investors would come if they are treated in the same manner as the Chinese investors are being facilitated,” said the Korean envoy.
He said that Buddhists from across the world would like to visit Pakistan as “Buddhism originated from Pakistan”.
“Pakistan needs to start infrastructure development for tourists and investors. Power outages are a major hiccup for Korean investors coming to Pakistan and ease of doing business is another challenge,” he said.
“In terms of trade, Pakistan has good natural resources and agriculture products. But our bilateral trade is facing major issues. Rice and other agricultural materials could be exported to South Korea and Japan from Pakistan,” he added.
The envoy said that Pakistan needs to expand its agricultural products so those could be exported to South Korea. He said that Pakistan needs to expand its exports to other countries as it is a fact that there is a huge market to buy Pakistani products.