Korea to Establish IT Center in Karachi, Aims to Boost IT Sector and Bilateral Trade

Korea to Establish IT Center in Karachi, Aims to Boost IT Sector and Bilateral Trade

Karachi, July 21, 2023 – The Consul General of the Republic of Korea, Yi Sungho, revealed that the Korean Government is making preparations to set up an IT Center in Karachi, near the Airport.

The center’s establishment aims to provide an excellent opportunity for young IT startups to collaborate with Korea, fostering digital innovation and growth.

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During his visit to the Karachi Chamber of Commerce & Industry (KCCI), Consul General Yi Sungho highlighted the Korean government’s commitment to support Pakistan in developing its IT sector. He emphasized the need for Pakistan to formulate strong policies for training and educating young people in the IT field and encouraged increased investment in education and training to nurture future geniuses who could revolutionize not only the IT sector but also other segments of the economy.

The envoy acknowledged that the trade volume between Korea and Pakistan remains relatively low compared to the size of their economies. However, efforts are being made to expand bilateral trade, despite setbacks caused by the COVID-19 pandemic and economic challenges, including foreign exchange issues in Pakistan.

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Regarding Korea’s involvement in Pakistan’s automobile sector, Yi Sungho mentioned the successful operations of KIA Motors along with Lucky Motors. He assured that KIA’s reduction in operations due to the LC (Letter of Credit) issue is temporary, and the company will restore its operations once the situation normalizes.

Highlighting Pakistan’s potential as a source of remittances, Yi Sungho shared that the Korean Government encourages Pakistani workers to work in Korea, having already called 3,000 workers, with the maximum quota extended to 4,000 workers.

He also stressed the investment potential of Korean textile companies in Pakistan, citing the importance of a favorable business environment and competitive labor costs as crucial factors for attracting foreign investment. Yi Sungho expressed willingness to establish a Korean Language Learning Center in Karachi to facilitate cultural exchange and communication.

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President KCCI, Mohammed Tariq Yousuf, warmly welcomed the Korean envoy and emphasized the need to enhance bilateral trade volume, explore joint ventures, and encourage Korean investment in Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC). He called for a clear roadmap for a Free Trade Agreement between Pakistan and South Korea to strengthen trade relations and explore new opportunities for collaboration.

Both sides emphasized the importance of trade fairs, exhibitions, and easing the visa regime to facilitate greater business matchmaking and promote trade relations between Pakistan and Korea.

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The establishment of the IT Center in Karachi and the efforts to strengthen bilateral trade relations demonstrate the commitment of both countries to foster economic growth and technological advancements in the region.