ISLAMABAD: South Korea’s Ambassador to Pakistan Park Ki Jun has said Seoul and Islamabad can undertake mega projects in diverse fields on the pattern of China-Pakistan Economic Corridor (CPEC), Pakistani state media reported on Monday.

In an interview with the state-run Radio Pakistan broadcaster, Ambassador Park acknowledged the importance of CPEC as a game-changer for Pakistan, China and other regional countries.

Beijing is investing over $65 billion in energy and infrastructure projects in Pakistan as part of CPEC, a major segment of China’s Belt and Road infrastructure initiative.

The multi-billion-dollar corridor will connect China to the Arabian Sea and help Islamabad expand and modernize its economy through a network of roads, railways, pipelines and ports in Pakistan.

“Same pattern can be pursued to enhance cooperation between South Korea and Pakistan in multiple sectors like energy and infrastructure,” Ambassador Park was quoted as saying by Radio Pakistan.

Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, averted a sovereign default last year and recently reached a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan program.

The South Asian country is currently making desperate attempts to boost foreign direct investment in a bid to support its $350 billion fragile economy, with Islamabad seeing a flurry of high-level exchanges with Saudi Arabia, Japan, Azerbaijan, Qatar and other countries in recent months.

Ambassador Park said Pakistan had a “great skilled workforce” and South Korean IT companies were keen to start businesses in Pakistan by taking advantage of this skilled youth bulge, according to the Radio Pakistan report.

He emphasized the need to enhance trade cooperation between South Korea and Pakistan, saying the existing trade volume of around $1.2 billion was far less than the potential of both countries.

“Pakistan has rich natural resources and a vibrant human resource, while Korea is leading in advanced technology and economic growth,” he said, stressing the need to work jointly for the betterment of the people of the two countries.

Ambassador Park said a week-long Korea-Pakistan Gala would also be organized in October in Islamabad, which would be attended by officials and artistes from both countries.