ISLAMABAD: Korean investors have raised concerns with Pakistani Commerce Minister Jam Kamal Khan regarding delays and issues affecting development projects in Pakistan during his visit to South Korea.
Executive Director UM Sung-Yong of the EDC Operation Group at Korea Eximbank outlined the status of ongoing projects, detailing processes of approval, scrutiny, and execution. He acknowledged the efficient handling of projects by Pakistani departments but emphasized the need for expedited approvals to enhance progress.
Korea Eximbank has allocated $1.1 billion under the Economic Development Cooperation Fund (EDCF) for Pakistan for 2022–2026. However, only two loans totaling $113 million have been approved so far, leaving 12 projects pending. UM Sung-Yong called for strengthened cooperation to maximize fund utilization and expressed optimism for deepened ties.
Minister Jam Kamal Khan thanked Korea Eximbank for increasing EDCF funding and advocated for establishing an EDCF country office in Pakistan to streamline project coordination. He urged the swift finalization of pending projects to ensure timely implementation.
During an exclusive dinner in Seoul honoring Korean investors, the Minister highlighted investment opportunities in Pakistan’s food, agriculture, technology, IT, and mineral sectors. He encouraged participation in the upcoming FoodAg Exhibition in Lahore from February 26–28, 2025, as a platform for collaboration.
Earlier, on January 9, Jam Kamal Khan and South Korea’s Trade Minister Inkyo Cheong inaugurated negotiations for an Economic Partnership Agreement (EPA). This milestone is expected to boost bilateral trade, foster entrepreneurial opportunities, and strengthen economic cooperation across key sectors.
The Minister described the EPA as “a transformative step towards unlocking immense potential,” paving the way for enhanced collaboration between the two nations.
