South Korea to Establish Biggest IT Park in Pakistan to Promote SMEs

According to the Ambassador of South Korea, H.E. Dr. Song Jong-Hwan, Korea would establish one of the biggest and most advanced IT Park in Islamabad. Korea will collaborate with Ministry of IT of Pakistan to set up biggest IT park to provide most advanced business facilities to IT companies in Pakistan. He was accompanied by Mr. Park Bongsu, Commercial Counsellor and Mr. Jo Eunsang, Economic Officer, Embassy of South Korea.

Also Read: Korean Exim to Finance the First Technology Park in Pakistan

South Korea to Establish Biggest IT Park in Pakistan to Promote SMEs

IT park to establish at an area of about 1 million square feet to promote SMEs as the facility would provide SMEs and start-ups in IT industry with office spaces equipped with advanced IT infrastructure and security facilities.

Also Read: Chinese Delegation Calls on Anusha Rehman- To Invest in IT Parks & E-Stores

During an interaction with business community at Islamabad Chamber of Commerce and Industry, The Korean Ambassador said that

Bilateral trade between Pakistan and Korea had declined by almost 34 percent during the last three years which should be a cause of serious concern for both sides. Pakistan and Korea have started the process of free trade agreement feasibility study of which would be completed by end of June this year

Korea was cooperating with Pakistan in energy sector and is now planning for the import of thousands of tons per month good quality copper ore from Pakistan.

In his welcome address, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry said that

Korea has placed some stringent Sanitary and Phyto Sanitary (SPS) measures due to which many Pakistani agricultural products were facing difficulties in getting better access to Korean market and stressed that such measures should be revised.

Korean Ambassador assured that,

Korea should help Pakistan in modernizing its economy through technology transfer, knowledge sharing, capacity building, enhanced trade, investment and joint ventures.

He said

Both countries should encourage frequent exchange of trade delegations and organize single country exhibitions on reciprocal basis in order to explore new avenues of mutual cooperation.