INTERVIEW Pakistani envoy highlights vast potential of economic cooperation with Korea
Pakistani Ambassador to Korea Nabeel Munir speaks of the vast potential of cooperation between Korea and Pakistan during an interview with The Korea Times at the Embassy of Pakistan in Seoul, March 6. Korea Times photo by Choi Won-suk
Pakistani Ambassador to Korea Nabeel Munir highlighted the substantial untapped economic growth potential between Korea and Pakistan.
He noted the wealth of skilled labor available in Pakistan, presenting a promising solution to Korea's pressing low birthrate challenge. He emphasized the timeliness of such collaboration, particularly in light of Korea's dwindling fertility rate, which plummeted to 0.65 in the fourth quarter of 2023. Munir stressed the potential mutual advantages such cooperation could yield for both nations.
Munir stressed the significance of economic collaboration, particularly in trade, investment and science and technology and highlighted the potential for Korean companies to tap into Pakistan's youthful population for skilled labor and collaboration in various sectors.
“(Korea) has a declining population. Pakistan has a different problem. Sixty-five percent of those 240 million are young people. They are between 19 and 35, so those youths can be used by the Korean economy because they're educated and are trained,” he said during an interview with The Korea Times at the Embassy of Pakistan in Seoul on March 6.
"We have graduates from one of the largest technology universities in the world. So, many young people are graduating in the IT and related fields, and these individuals can contribute to the further development of the Korean economy."
The ambassador highlighted the significant opportunity for bolstering trade between the two nations, underscoring the immense potential for expansion.
"Our trade currently stands at around $1.1 billion, but there's immense untapped potential for further growth," Munir said. He stressed the positive impact of Korean investments in Pakistan, citing examples such as Samsung's smartphone manufacturing facility and KIA's success in the automobile market.
“KIA, in fact 18 months ago, became the third-largest selling car (company) in Pakistan so it beat Honda that used to be No. 3,” he added.
Pakistani mangoes / Courtesy of Embassy of Pakistan in Seoul
In terms of future prospects, the ambassador revealed ongoing negotiations for an Economic Partnership Agreement (EPA) with Korea. This agreement aims to enhance trade relations by providing preferential tariffs for both Pakistani and Korean exports.
"Negotiations for an EPA are underway, aiming to facilitate smoother trade relations and address challenges such as high tariffs on certain products like basmati rice. I presume the logic behind it is that Korea produces a lot of rice itself, so they want to protect their own rice producers and farmers," Munir said. "We are in talks with the Koreans to help them understand that Pakistani basmati rice is very different from Korean rice. Therefore, even if they lower the tariffs on Pakistani rice, it will not harm Korean farmers because the rice is very different."
Currently, the majority of products imported to Korea from Pakistan consist of agricultural goods, notably mangoes. The ambassador expressed that once people develop a taste for Pakistani mangoes, they are unlikely to prefer any other variety. He expressed hope that Koreans would soon develop a similar preference.
Munir characterized the current state of diplomatic relations as diverse and multifaceted, encompassing political, economic, trade, investment, cultural and defense cooperation.
"It's a growing relationship, historically significant and strengthening with each passing year," he added.
Minar-e-Pakistan in Lahore, Pakistan / Courtesy of Embassy of Pakistan in Seoul
Burgeoning cultural, economic ties
Munir highlighted the burgeoning cultural and economic relations between Pakistan and Korea, emphasizing the significance of people-to-people connections that date back over 1,000 years.
"Formally established in 1983, our diplomatic relations marked their 40th anniversary last year. However, our historical ties date back even further," Munir said, highlighting the ancient cultural exchange between the two nations.
"Buddhism was brought to Korea from the territory of Pakistan, showcasing the depth of our longstanding relationship. It was not Pakistan at that time because Pakistan was established much later but it was the territory of Pakistan in Swat from where Monk Maranatha came.”
He highlighted that the increasing appeal of Korean culture is narrowing the divide among Pakistani youth, crediting this phenomenon to the widespread appreciation of K-culture worldwide.
Addressing tourism opportunities, Munir expressed optimism.
"Pakistan, as a tourist destination, is not very well-known in Korea, but we have excellent tourist opportunities," he said. "Pakistan has a lot of very famous and traditional old Buddhist religious sites. Whether it's adventure tourism, with beautiful mountains and scenery, or for nature tourists and those interested in history, Pakistan has a lot to offer."
Pakistani Ambassador to Korea Nabeel Munir, right, poses with Deputy Foreign Minister Chung Byung-won during Pakistan's National Day ceremony held at a hotel in Seoul, Thursday. Courtesy of Embassy of Pakistan in Seoul
Discussing educational and labor exchanges, Munir said, "There are almost 3,000 to 3,500 Pakistani students that are currently studying in Korea." He also noted the contribution of Pakistani labor under the employment permit system, where 4,000 Pakistanis work in Korean industries.
As Munir enters his third year, he outlined key priorities.
“Improving trade and investment, enhancing political contexts and increasing the number of people visiting each other's countries," he said. "If we foster more trade and investment, it will lead to job creation, economic development and mutual benefits."
On a personal note, the ambassador expressed his affection for Korea.
“I love Korea. It's a beautiful country with hospitable people,” he shared his appreciation for Korean cuisine and cultural traditions, which well resonate with his Pakistani heritage.