The 3rd Korea-French Trade and Investment Joint Committee was held
[투데이에너지 김병욱 기자] The 3rd Korea-Pakistan Joint Trade Committee (JTC) was held as a video conference on the 6th.
The two sides discussed △ Korean company’s hydroelectric power project order △ local Korean company’s difficulties and listened to the explanation of investment opportunities in Pakistan.
Both sides assessed that the relationship between the two countries’ economic cooperation is deepening, such as Korean companies actively participating in Pakistan’s hydropower project and starting local production of automobiles.
△Supporting orders for our company’s hydropower plant
The South Korean side requested support for the Korean consortium to participate in the construction of the Lower Spat Gah and Asrit-Kedam hydroelectric power plants, which the Pakistani government is currently pursuing.
In addition, the Pakistani side is actively carrying out a power plant construction project to resolve the electricity shortage in Pakistan, so it decided to positively review Korea’s participation.
△ Resolving difficulties for local companies
The Korean side requested a delay in the corporate tax refund and an improvement in the minimum tax rate system, which requires a certain percentage of sales to be paid as corporate tax.
In addition, it requested approval for smooth remittance of imported money along with an extension of the period of exemption from import duties for local automobile companies.
The Pakistani side replied that it would cooperate as much as possible in approving the timely corporate tax refund and smooth remittance, and to make efforts to adjust the minimum tax rate in a reasonable manner.
△ Expansion of bilateral trade and investment
The Pakistani side explained Pakistan’s strengths and incentives for Korean companies, and the Korean side decided to share the data with the industry.
The two sides agreed to discuss the renewal of the trade and investment cooperation MOU signed in 2014 and the signing of a cooperation MOU between the two countries’ trade promotion agencies (KOTRA – TDAP).
In the opening remarks, Yun-jong Jeon, Director of Trade and Cooperation, emphasized, “We will work together to expand economic exchanges between the two countries through this joint video committee held amid difficulties in human trafficking and face-to-face meetings due to Corona 19.”
On the other hand, as the chief representative of the joint committee, Jeon Yoon-jong, the head of the Ministry of Trade, Industry and Energy, was attended by the Korean side, and the Pakistani side was Muhammad Humair Karim, the assistant secretary of the Ministry of Commerce of Pakistan.
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