Pakistan and South Korea signed a framework agreement for several $ 500 million development projects, to be completed by 2020.
South Korea will provide funding for long-term concessions of up to $ 500 million for the implementation of various development projects in the Health, Information Technology, Communications, Agriculture and Energy sectors.
Pakistan & South Korea Sign Various Development Agreements
To this end, a framework agreement was signed today in Islamabad in the presence of the Finance Adviser of the Prime Minister, Dr. Abdul Hafeez Shaikh. Economic Secretary, Noor Ahmed and Korea’s Kwak Sung-Kyu Ambassador signed the Framework Agreement.
Previously, the ambassador mentioned the Advisor and discussed the improvement of bilateral cooperation between the two countries.
“The adviser informed the envoy that Pakistan had attached importance to its ties with the Republic of Korea, which had very low co-operation with Pakistan in both the public and private sectors,” the statement added.
Shaikh appreciates the role and collaboration of the Korean Government for development projects in Pakistan. He said economic relations between the two countries would be strengthened over time and that the framework agreement would allow Pakistan to obtain financing from the Exim Bank of Korea for the development of various infrastructure projects in Pakistan.
He hoped this framework agreement was fundamental to support the economic policies and initiatives implemented by the new Pakistani government.
South Korea will expand all possible co-operation for Pakistan’s economic development, which will be very conducive to boosting bilateral relations in the coming years, the statement said.