KARACHI - The Republic of Korea is providing $500 million to Pakistan to pay for the development of diversified projects pertaining to hydro power, road infrastructure, improvement of power distribution system, information technology and health sector.

This was stated by Consul General of the Republic of Korea in Karachi, Kim Donggi at a reception hosted by him to commemorate the National Foundation Day of the Republic of Korea. Kim Donggi said the National Foundation Day marks the nation’s founding day way back in 2333 BC which shows that the Korean people have a culture that is steeped in ancient and time honoured practise.

The South Korean envoy said that mutual trade and cooperation between the two countries goes back to decades when Pakistan assisted Korea with its development program and assigned the Planning Commission of Pakistan to share its 5-Year Development Plan. He added that more than 20 South Korean companies are operating in Pakistan and feasibility studies for Free Trade Agreement are likely to be finalised in the near future.

Mr Kim Donggi said that Pakistan could become a preferred potential destination for trade and investments for Korea once the FTA is signed. The bilateral trade is currently worth about $1.1 billion and Seoul wished to see further increase economic ties between Pakistan and Republic of Korea.

He concluded by stating that he was confident that the relationship between the two countries would grow strong in the coming years, bringing them closer in pursuit of mutual goals.

Speaker Sindh Assembly, Agha Siraj Durrani was the chief guest at the reception. In his brief remarks, he said that Pakistan-Korea relations were exemplary. He then cut a huge cake with South Korean diplomat to mark the auspicious occasion. The reception was attended by Rear Admiral Farrokh Ahmad, Commander Karachi, Ms Iram Khalid, Special Assistant to CM for Women Development, Ms Rubbina Qaimkhani, MPA and former minister, Rehan Hashmi, elite of the city and members of the diplomatic corps.