Pakistan should try Korean economic model:Shahid Rasheed Butt

Lahore: Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Saturday said the economic development of South Korea is based on economic policies of Pakistan.

However, we are left behind due bureaucratic hurdles and unstable political conditions but it is not impossible to become a developed country.

He said 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.

Shahid Rasheed Butt 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. 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, he said. The veteran business leader said that 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 and infrastructure and sectors like oil and gas, mining, IT, telecom, food, agriculture, beverages, transport and tourism are awaiting their full attention.

Korea should consider establishing economic zones in Pakistan to boost trade ties and get better exposure to the unexplored markets of Afghanistan and Central Asia.