ISLAMABAD - A project portfolio meeting was held at Economic Affairs Division on Wednesday to review the implementation of projects, whose worth is around $300 million, under Korean assistance.

Government of Pakistan was represented by Javed Iqbal, Secretary EAD, while Choong Joo Choi, Ambassador of Korea, represented the Korean side along with his team. Secretary EAD appreciated the Korean assistance and noted with satisfaction that not only the quantum of bilateral cooperation has increased over a short period of time but its scope has also enhanced.

Total Korean assistance programme to Pakistan has expanded to over $200 million, of which, $30 million is grant component and rest is soft loan mainly for infrastructure and social sector development.

Progress of all development projects being implemented in Pakistan through Korean assistance were reviewed in the meeting. Similarly the projects, for which Korean assistance is expected shortly, were also reviewed. Both sides expressed satisfaction with regards to Korean Development Assistance for the following projects which were signed recently during President’s visit to South Korea early this month: Framework Agreement for Grant Aid and Construction of Malakand Tunnel Project of $78m.

Apart from infrastructure development projects, Korean assistance for capacity building of public sector was also reviewed. The Korean ambassador also observed that Korean development model is more relevant for achieving development goals in Pakistan. Two new initiatives including Knowledge Sharing Programme (KSP) and World Adviser’s Programme were discussed whereby Korean experts will share their experience in different fields with different departments of federal and provincial governments.

Ambassador of Korea highlighted that Korean government attaches great importance to Pakistan. A high level technical team will be visiting Pakistan in the end of January 2013 to negotiate the specific possibilities.

Secretary EAD appreciated the sincerity of the Government of Korea and assured the visiting dignitaries that Pakistan will reciprocate the initiative with matching sincerity and warmth.