Korea-Pakistan Trade and Investment Joint Committee held
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(Seoul = Yonhap News) Reporter Boram Yoon = On the 6th, the Ministry of Trade, Industry and Energy held the ‘3rd Korea-Pakistan Trade and Investment Joint Committee’ with the Pakistani Ministry of Commerce through a video conference.
As the chief representative of the joint committee, the Korean side was attended by Jun Yoon-jong, the head of the Ministry of Trade and Industry, and the Pakistan side was attended by Muhammad Humar Karim, Vice Minister of Commerce.
The government requested that the Korean consortium be able to participate in the construction of the lower Spat Gah and Asrit-Kedam hydroelectric power plants currently being promoted by the Pakistani government in a joint committee.
Lower Spot Street (470MW) and Asritkedam (215MW) have a total project cost of $1.076 billion and $540 million, respectively, and are currently waiting for the issuance of LOI (state permit).
Accordingly, the Pakistani side announced that it would positively review Korea’s participation in the situation where it is actively carrying out a power plant construction project to resolve its power shortage.
In addition, the government demanded to resolve the problem of delayed corporate tax refund in Pakistan and improve the minimum tax rate system in which a certain percentage of sales must be paid as corporate tax.
It also requested approval for an extension of the period of exemption from import duties for local automobile companies and smooth remittance of imported money.
The Pakistani side replied that it would cooperate as much as possible to approve the timely corporate tax refund and smooth remittance, and to make an effort to make reasonable adjustments to the minimum tax rate.
It also discussed ways to expand trade and investment between the two countries.
The Pakistani side explained Pakistan’s strengths and incentives for Korean companies, and the government decided to share the data with the industry.
In addition, the two sides plan to conduct practical consultations to renew the MOU for trade and investment cooperation signed in 2014 and to sign an MOU for cooperation between the two countries’ trade promotion organizations (KOTRA-TDAP).
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2021/01/06 11:00 sent