Pakistan and Korea have signed a $1 billion framework agreement

On Thursday, Pakistan and Korea signed a one-billion-dollar Framework Agreement in this city. Sardar Ayaz Sadiq, the Federal Minister for Economic Affairs, was present at the signing event. On behalf of their respective countries, Mian Asad Hayaud Din, Secretary, Economic Affairs Division, and Suh SangPyo, Ambassador of the Republic of Korea, signed the Framework Arrangement. The Republic of Korea will provide long-term highly concessional financing up to US$ 1,000 million under the signed Framework Arrangement (2022-2026) for the implementation of various development projects in health, communication, agriculture, and energy, with a special focus on information technology.

The Minister for Economic Affairs praised the Republic of Korea’s contribution and collaboration in Pakistani development projects. In keeping with Pakistan’s Prime Minister’s vision, he also emphasised the necessity of technical and commercial cooperation in the sphere of information technology. The Ambassador of the Republic of Korea hoped that this Framework Arrangement will help to support the new Pakistani government’s economic goals and initiatives. He also stated that the Republic of Korea will give all feasible assistance to Pakistan’s economic development, which would be extremely beneficial to the development of our bilateral relations in the coming years.