South Korea wants to improve trading relationships with Pakistan and is going to establish an IT park in Islamabad. The South Korean Ambassador Dr Song Jong-Hwan said at a gathering at the Islamabad Chamber of Commerce and Industry (ICCI).
The South Korean’s will establish one of the most advanced and the largest IT park in Islamabad, the area on which it will be constructed is about one million square feet which is almost equal to 23 acre.
The Bank which is going to fund the project is The Exim Bank of Korea, they agreed to provide $50 million for the creation of the park and a team from South Korea is expected shortly to conduct a study with the help from the Military of IT Pakistan and Pakistan Software Exports Board (PSEB). It is believed that this IT park will pull some fine international companies to develop their software and hardware solutions. The IT park will also give a rise to the country’s IT import and export.
Dr Song Jong-Hwan said, “Establishing the park will promote small and medium enterprises as well.” He also added to his statement that the IT park will be developed in a collaboration with the Ministry of IT in Pakistan and will provide the state of the art business facilities to the IT companies in the country.
Dr Song Jong-Hwan continued saying that the trade between both the nations has declined by 34% in the last three years and that this project will be a cause of some serious concerns for both the countries. He further said that the non-availability of trade information and the lack of knowledge about such promising areas were the key factors for the low percentage of trade among the two nations.
However, Dr Song also mentioned that both the nations Pakistan and South Korea have started free trade studies which will surly be completed by the end of June this year and added that both the nations will expect an increase in the trade once this will be done.
The Koreans were cooperating with Pakistan in the energy sector as well and that the Korean Importers Association was trying to find partners to import hundreds of tonnes every month of good quality copper from Pakistan.
The President of ICCI Mr Atif Ikram Sheikh said that Korea should help Pakistan in minimizing its economy through technology trades, knowledge sharing, capacity building, enhanced trades and joint ventures.