Pakistan could not take benefits of its own economic policies :Zakaria Usman

Lahore: The economic development of South Korea was on adoption of economic policies of Pakistan. But unfortunately due to chronic bureaucratic hurdles and unstable political conditions, Pakistan could not take benefits of its own economic policies. Now we should follow Korean economic pattern to ensure rapid economic growth in Pakistan.

This was stated by Zakaria Usman, President FPCCI after signing an MOU with Korean Chamber of Commerce on the occasion of Pakistan-Korea Investment Cooperation Forum at Islamabad graced by the Prime Minister of Republic of Korea.

Zakaria Usman further stated that we must learn lessons from speedy development of Korea which has remained focused on economic development and promotion of SMEs with no political interference in commercial matters. He said that our bilateral trade with Korea stands at 1.6 billion dollars annually while its trade with India is over $16 billion and around $ 1 billion daily with China.

The FPCCI Chief stressed the business community to develop linkages with Koreans business community and share the opportunities of trade and investment in the current emerging investment friendly scenario of Pakistan. Our economy is showing clear signs of recovery that is a golden opportunity for Korean investors to benefit from it, he added that our energy sector offers around 17 per cent return in dollar terms which is incomparable.

He said that the Korean companies have been investing in Pakistan in chemical, energy (both hydroelectric and thermal power) and infrastructure. There are many other potential sectors in Pakistan which offer great opportunities to the foreign investors such as oil and gas, mining, IT, telecom, food, agriculture, beverages, transport and tourism. The Korean investors should come forward to get the benefits of their investments in these sectors, he urged.

He also suggested that Korea should consider establishing economic zones in Pakistan to boost trade ties between the two countries and get better exposure to the unexplored markets of Afghanistan and Central Asia.