ISLAMABAD: Pakistan and Republic of Korea here on Wednesday signed a framework agreement amounting to $500 million in Islamabad.
Economic Affairs Division Secretary Noor Ahmed and Republic of Korea ambassador Kwak Sung-Kyu signed the framework agreement on the behalf of their respective governments during a ceremony witnessed by Adviser to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh.
According to a statement issued from the ministry, under the signed framework arrangement, Republic of Korea would provide long term concessional financing up to $500 million for execution of various development projects in health, information technology, communication, agriculture, and energy etc.
Earlier, the South Korean ambassador called on the Adviser to PM Dr Abdul Hafeez Shaikh and discussed matters pertaining to enhancement of bilateral cooperation between the two countries.
Dr Abdul Hafeez Shaikh informed the envoy, “Pakistan attaches significant importance to its ties with the Republic of Korea which has so many layers of cooperation with Pakistan in both public and private sectors.”
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He appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan.
Hafeez Shaikh said, “The economic relations between the two countries will be further strengthened with the passage of time and framework agreement will enable Pakistan to seek financing from Korean Exim Bank for development of various Infrastructure Projects in Pakistan.”
The ambassador hoped that this framework agreement would be instrumental in backing up the economic policies and initiatives being pursued by the Pakistani government.
He said, “The agreement would go a long way in further strengthening bilateral cooperation. Korea will extend all possible cooperation for economic development of Pakistan, which will be greatly conducive to promoting bilateral relations in the years ahead.”
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