ISLAMABAD: Pakistan has promised to address challenges faced by South Korean companies operating in the country as it seeks to boost foreign direct investment, Pakistani state media reported on Monday, citing the country’s finance minister.
The development came at a meeting between Federal Minister for Finance and Revenue Muhammad Aurangzeb and South Korean Ambassador Park Kijun who was also accompanied by representatives of these companies.
On the occasion, the representatives of these firms briefed the minister on their concerns regarding project timelines and operational efficiency, the state-run APP news agency reported.
These companies have also raised concerns about bureaucratic delays, the need for smoother facilitation in the automotive and technology sectors and the broader investment environment in the past.
“Senator Muhammad Aurangzeb reiterated the commitment of the government to address the challenges faced by Korean companies operating in Pakistan and in this regard urged the relevant authorities to ensure their facilitation for smooth business operations,” the report read.
The two sides discussed matters relating to mutual interest for the benefit of both nations, with Aurangzeb underscoring significant macroeconomic improvements in Pakistan, according to the report.
The South Korean envoy appreciated the government’s economic initiatives and emphasized the need to fully exploit the untapped potential of both countries for further collaboration.
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, averted a sovereign default last year, thanks to a $3 billion International Monetary Fund (IMF) 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 weeks.
