Pakistan, Korea sign six agreements

[Edevelop]

SEOUL: Pakistan and Korea on Tuesday inked six accords dealing with modernisation of Pakistan Railways, construction of LNG terminal and cooperation in banking sector, in a bid to further solidify bilateral ties.

The signing of agreements in various sectors came during President Asif Ali Zardari’s state visit to the Republic of Korea, during which he met his counterpart and had several meetings with the CEO’s and heads of various top companies.

President Zardari who witnessed the signing of almost all the Memorandums of Understanding urged the Korean investors to benefit from Pakistan’s generous incentives. Korean counterpart Lee Myung-bak also witnessed the signing of two accords at the President’s Office.

The ceremony at the Cheong Wa Dae in Seoul, following the summit level talks between the two sides, was also witnessed by members of the Pakistani delegation including Minister for Water and Power Ch. Ahmad Mukhtar, Minister for Commerce Makhdoom Amin Fahim, Minister of State for Foreign Affairs Malik Amad and the leader of PML-Q Chaudhry Shujaat Hussain.

A major breakthrough came in the area of modernisation of railways. Pakistan, under the agreement, will seek high speed railways, communication systems, signaling, rail stock, modernisation of operation and management, development of logistics parks and freight terminals.

Along with this will be an exchange of construction and maintenance technologies for infrastructure including tracks, bridges, overhead electrification and power supply systems.

The agreement was signed by Muhammad Arif Azim Secretary Railways and Minister of Railways of South Korea Kwon Do-youp.

President Zardari in his meeting with President KORAIL Chung Chang-Young said Pakistan desired modern and efficient railways to help meet its growing industrial, agricultural and freight needs.

He said that the current fleet of Pakistan Railways was unable to meet the needs of a growing nation and there was an urgent need to upgrade it.

The president said Pakistan was a prime place for foreign investors as the country’s large consumer population promised good profits and lucrative business.

He said a large number of Korean companies were already operating in Pakistan and doing good business. He said other companies can invest in many new areas while the existing ones can expand and diversify their operations.

Pakistan, Korea sign six agreements | DAWN.COM

 

[Safriz]

seeing zardari in the picture kills the excitement,because if he is there....he isnt there fir free,serving the nation...must be kick backs for him,and that wont be good fir the country.

 

[A.Rafay]

He wants to empty every single rupee Pakistan have before he leave.

 

[Emmie]

He wants to empty every single rupee Pakistan have before he leave.

Trust me this excuse is not ample...

 

[Azadkashmir]

He will empty whole of Pakistan honestly and this is way too much for corrupter i can understand if he taking kick back and investing in pak but he not even doing that he just piling up off shore account he worse than corrupter looks to me this guy is purposely destroying pak.

 

[UmarJustice]

Pakistan, Korea ink deal for Tunnel project, water resources

SEOUL: Pakistan and South Korea Wednesday inked two agreements for the Malakand Tunnel Construction Project and for development of water resources infrastructure including dams.

The agreement on Malakand Tunnel Construction Project was signed during meeting of President Asif Ali Zardari with Kim Yong- Hwan, Chairman Export Import Bank of Korea, who called on him at the local hotel in Seoul, Korea Wednesday.

Under the Malakand Tunnel Loan Agreement, an amount of US $78 million will be provided for the project.

The Korea Exim Bank is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises in conducting overseas business.

Malakand tunnel will provide a short route not only to people of Dir, Malakand and Swat and adjacent localities but would also be an easy access to central Asian states, providing the market access to the country for its products.

Malakand Pass lies between Dargai-Batkhela and is situated at an altitude of 470 metres and 663 metres, respectively.

The South Korean government pledged the $78 million funding through the Economic Development Co-operation Fund (EDCF) for the construction of Malakand Tunnel project in Khyber Pakhtunkhwa province.

The 9.7 km project also includes approach roads on both sides of the tunnel and three bridges.

The initial feasibility study of the tunnel has already been completed by South Korean consultants in collaboration with National Highway Authority Pakistan, which is also the Project executing agency.

The President said that it was high time for Pakistan and Korea to take its bilateral trade to new heights while exploring the true potential of trade and investment existing between the two countries, urging the business community of the two countries to boost its trade volume from current over $1.5 billion to $ 2 billion in the next three years.

He said that number of major Korean companies are doing business in Pakistan and have invested in major projects in Pakistan including chemical plants, energy and infrastructure projects and building port facilities.

The President said that now when the government has opened all sectors of economy open for investment, the Korean companies should avail the enormous opportunities and incentives, the government offers for investment in Pakistan.

He reiterated that government would provide fool proof security and one window operation to the Korean entrepreneur for investment in the Special Economic Zones.

Later, President Asif Ali Zardari had meeting with Chief Executive Officer of the Korea water Resources Corporation (K-Water) Kim Keun-Ho.

After the meeting, Memorandum of Understanding was signed between the Korea Water Resource Corporation - K-water and Water and Power Development Authority of Pakistan (WAPDA).

Under the MoU both the sides will work for sustainable water and power sector development and cooperate in development of water resources infrastructure, including dams, hydropower, flood control and canals.

Both the sides will also exchange technical expertise, have training of engineers, technicians and conduct study on operation and management of dams, hydropower, hydrology and sedimentation.

During the meeting with delegation of K-Water, the President while highlighting investment potential in Pakistan energy sector said that Pakistan was blessed with one of the largest coal reserves of over 185 billion tones, which alone can produce over 100,000 MW of power for 100 years besides huge potential in the hydal, wind and solar power.

He called upon Korean Companies to invest in energy sector and help Pakistan meet the growing energy requirements.

The two countries earlier also inked a Memorandum of Understanding between the Board of Investment of Pakistan and the Lotte Group of Korea, under which the Korean group will expand its business in Pakistan and invest in infrastructure and power generation projects in Pakistan.

The Korean company will conduct preliminary feasibility studies in projects as Mahl Hydro Power and Azad Pattan Hydro Power Project, besides expansion of their existing business in Pakistan.

The Korean companies during meeting with the President appreciated the government of Pakistan initiatives for attracting investment and said that many Korean companies are interested to invest in diverse areas.

Those who were present during the meetings included among others Commerce Minister Makhdoom Muhammad Amin Fahim, Minister for Water and Power Ch. Ahmad Mukhtar, Minister of State for Foreign Affairs Nawabzada Malik Amad Khan, Secretary Pakistan Railways Muhammad Arif Azam, Secretary Board of Investment S. Anjum Bashir, Chairman Wapda Raghib Abbas Shah, Pakistan's ambassador to South Korea Shaukat Ali Mukadam, and other senior officials.

http://www.brecorder.com/top-news/1...l-project-development-of-water-resources.html

 

[A1Kaid]

He will empty whole of Pakistan honestly and this is way too much for corrupter i can understand if he taking kick back and investing in pak but he not even doing that he just piling up off shore account he worse than corrupter looks to me this guy is purposely destroying pak.

Yes and Pakistani people allow him to do so and allow him to rule them, so what does that say about Pakistani people?

 

[Azadkashmir]

Yes and Pakistani people allow him to do so and allow him to rule them, so what does that say about Pakistani people?

Not all Pakistani people it all rigged to me. if people dont vote sometime they are threatened by the party leaders goons= rape,kidnap,murder and families get scared.

 

[airmarshal]

What kills me is that when South Korea started its modernisation program which saw it becoming an industrialized country today, they came to Pakistan in early 60s to see Ayub's model.

See the stark difference now. While we are going out with a begging bowl all around, South Korea is doing capital investments all over the globe.

 

[pak-marine]

What kills me is that when South Korea started its modernisation program which saw it becoming an industrialized country today, they came to Pakistan in early 60s to see Ayub's model.
See the stark difference now. While we are going out with a begging bowl all around, South Korea is doing capital investments all over the globe.

i dont have a source but i have heard from people koreans in order to plan their city initially surveyed karachi along with other modern cities in developing nations

 

[airmarshal]

i dont have a source but i have heard from people koreans in order to plan their city initially surveyed karachi along with other modern cities in developing nations

Absolutely! I want a Pakistan that leads again not this begging, apologetic and poor Pakistan.

If you only compare North Nazimabad, its planning, wide roads, great sewerage system and playing grounds in every block, you will observe that this was Pakistan on the rise. This area of Karachi was planned and developed under Ayub Khan.

This was a Pakistan destined for greatness but feudals like Bhutto who had narrow agenda and vindictive and vengeful policies brought Pakistan down to its knees.

I see Korean cars or other Korean products here in Canada competing and even beating their reputable Japanese brands. Korea was nothing but undeveloped country when it looked up to Pakistan. It wasn't long time ago, only early 60s.

I wish to see that Pakistan today. I know this is very much possible within my lifetime.

 

[A1Kaid]

Not all Pakistani people it all rigged to me. if people dont vote sometime they are threatened by the party leaders goons= rape,kidnap,murder and families get scared.

This is what the police is for, if you say police doesn't help or solve these kinds of problems, then you have a dysfunctional helpless country of selfish, violent, corrupt, and unprofessional people.

 

[Azadkashmir]

This is what the police is for, if you say police doesn't help or solve these kinds of problems, then you have a dysfunctional helpless country of selfish, violent, corrupt, and unprofessional people.

Pakistani polcie are professional in law and order = give us bribes.
i have heard many stories in the UK from local people who live nearby back in pak , people who have paid off polcie for murder and walk off free, Karachi much worse some guy recently went from UK to open chocolate biscuit business in Karachi got killed. no motive except maybe for looting. brother trust me our pak police are the dirtiest people you can get, some of the stuff they do for cash i would not be surprised if they were selling their own families flesh.