Faisalabad entrepreneurs are exploring opportunities for joint ventures with South Korean businessmen. Faisalabad Chamber of Commerce and Industry (FCCI) acting President Dr Sajjad Anwar said that a delegation of South Korean businessmen recently visited the chamber, and discussed business opportunities in both countries. In an interview with WealthPK, he said the entrepreneurs of Faisalabad also shared their ideas with the delegates aiming for joint collaboration for mutual benefits. He said that entrepreneurs in South Korea could help Pakistan in the technology sector. “Collaboration with Korean experts in cell phone assembly can be a significant opportunity for Pakistani entrepreneurs.” He said a mobile assembling plant in Faisalabad could be upgraded with Korean technology. “The collaboration between entrepreneurs from both countries will help boost the mobile phone manufacturing sector in Pakistan.” Sajjad said the Korean entrepreneurs showed interest in the agriculture and poultry sectors of Pakistan.

He said exports of agricultural products to South Korea would help Pakistan earn foreign exchange. Muhammad Aslam, Vice-President of FCCI, told WealthPK that South Korean Ambassador Park Ki­jun, during a meeting with the members of the chamber, assured that efforts would be made to strengthen trade ties between Korean investors and entrepreneurs of Faisalabad. He said Faisalabad, dubbed as the textile capital of Pakistan, has the potential to cater to the needs of Korean customers. “We are exploring ways to tap Korean markets,” he added. “Enhanced trade between the two countries will also generate jobs,” he said, adding the Faisalabad chamber is helping entrepreneurs tap into the Korean market. Sajjad said that more than two dozen Korean companies are currently operating in Pakistan. With support from South Korea, a state-of-the-art technical textile center has been inaugurated at Faisalabad’s National Textile University.

“Partnering with South Korea, which is a technological advanced nation, will surely benefit the Pakistani entrepreneurs. We can improve our skills, efficiency and introduce innovation in the textile and agriculture sectors,” he added. “The textile and poultry sectors of Pakistan can attract significant Korean investments as both areas need technological advancements.” Malik Arif, an exporter, told WealthPK that Pakistan should enhance cooperation with South Korea in upgrading the chemical manufacturing sector. He said Korean companies could be attracted to initiate ventures in Pakistan as cheap labour is available locally. He said Faisalabad offers cheap workforce, a prime ingredient for any industry, and Korean companies would definitely make use of this. He added that the cost of doing business in the industrial areas of Faisalabad is lower, which is a significant incentive for Korean investors.

Credit: Independent News Pakistan