During their two-day visit to Islamabad, a high-level Korean delegation led by Mr. Chong Hwa Lee, Director General, Ministry of Economy and Finance, Republic of Korea, met with Minister for Economic Affairs Omar Ayub Khan in his office. The meeting was also attended by H.E. Suh Sangpyo, Ambassador of the Republic of Korea in Islamabad, and representatives of the Korean EXIM Bank.
A credit deal for the establishment of an IT park in Karachi was also signed on the sidelines of the meeting. The project will cost roughly $199 million in total, with the EXIM Bank contributing $158 million.
This initiative aims to create an IT-enabled high-tech infrastructure in Pakistan that will allow IT companies to collaborate by using each other’s expertise, boost industry-academic collaboration, and promote entrepreneurship.
Both parties discussed a future roadmap for securing funding for possible projects as well as methods to speed up project implementation.
He praised EXIM Bank’s efforts to fund viable projects in healthcare, road infrastructure development, the information technology industry, and climate change mitigation.
Director General Chong Hwa Lee expressed gratitude to the Pakistani side for its hospitality and stated that the Korean government will continue to work to mobilise financial and technical resources for development projects in Pakistan.
