The Republic of Korea signed a framework agreement with Pakistan. Under the agreement, Korea will invest $500 million in Pakistan for various development projects. The agreement was signed in Islamabad on Friday. This investment will allow Pakistan to complete several ongoing projects with Korean assistance. This year has served Pakistan quite well in terms of foreign direct investment. In that, Pakistan has been able to attract billions of dollars worth of investment. The biggest of course is China-Pak Economic Corridor for which China invested upwards of $45 billion.
Korean investment will enable Pakistan to focus on projects including improvement of power distribution systems, hydro-power plants, enhancement of road infrastructure and further improvement in the information technology sector. While quite a significant chunk of the investment will be spent on the health sector. Health sector in Pakistan has been ignored increasingly during the recent few years and as such, the conditions are not very favorable. Significant investments need to be funneled into health-related projects. Currently, Pakistan has the highest rate of breast cancer within Asia, Pakistan is still suffering from innumerable cases of polio, and dengue fever is on the rise again. Apart from the health sector, arrangements need to be made in order to rid the country of diseases like dengue fever and, most importantly, polio.
The agreement between Korea and Pakistan was signed by the Secretary Economic Affairs Division, Pakistan, and Ambassador of the Republic of Korea. On this occasion the Finance Minister of Pakistan, Ishaq Dar, lauded the involvement and cooperation extended by the Republic of Korea. This particular agreement will allow Pakistan to seek financing from Korean Exim Bank in the future. The Ambassador of the Republic of Korea, on this occasion, stated that Korea will extend all possible cooperation to Pakistan for economic development in the region.
Pakistan is doing significantly as far as socializing with other countries is concerned. Chief of Army Staff, General Raheel Sharif, has been meeting leaders around the globe spreading concerns, achievements and future plans, and so has PM Nawaz Sharif. Such meetings, and taking international leaders into confidence is pivotal to the economic development and prosperity of the country, especially at a time when relations with the neighbors (India and Afghanistan) are not, for the lack of a better word, comfortable.You can follow us on Facebook, Twitter, or Google+ for more updates. Otherwise fill in the subscription box above, or subscribe to our RSS Feed.