Pakistan’s foreign policy is being transformed rapidly into economic diplomacy, according to Pakistan Amb. Rahim Hayat Qureshi.

In his Pakistan Day National Day 2019 celebration held on March 18th evening in a downtown hotel Seoul, Qureshi pointed out that Economic Diplomacy is the process through which countries advance external economic interest by increasing exports, attracting foreign investment and participating in work of the international economic organisations.

Touching upon a fact that Economy plays a significant role in the internal stability and international standing of any country, Qureshi said that recently organized Economic Diplomacy Conference at Foreign Office was also a step in this direction.

Following key concepts and the role that Foreign Office can play in this regard were discussed which include: promotion of trade, attracting investment, job diplomacy (remittances) and, tourism promotion, according to the envoy. He once again underscores that Economic diplomacy is among the key priorities of Pakistan’s foreign policy because economy plays a primary role in the development of a country and the rest are secondary factors.

Pakistan’s economy is integrated with the world having strong ties with EU, USA, Middle East, China, North East Asia through economic alliances and agreements with many other Asian nations, according to also observers.

The importance of economic diplomacy is therefore not lost on the foreign office. For example, here in South Korea, we are consistently trying to harness foreign investment. KIA and Hyundai are putting up their plants and will start production from next year. Samsung is going to start a TV assembly plant soon. Lotte, Daelim, Daewoo and all important Korean conglomerates are being encouraged to increase their footprint in Pakistan, Qureshi said.

For reference, The 10th Round of Pakistan-Republic of Korea Bilateral Policy Consultations was held in Seoul on 7th November 2018.

Foreign Secretary Tehmina Janjua headed the Pakistan delegation, which included the Ambassador of Pakistan to Republic of Korea, H.E. Rahim Hayat Qureshi and Director General East Asia Pacific, Ms. Samina Mehtab, while Mr. Cho Hyun, 1st Vice Minister for Foreign Affairs of Korea, led the Korean side.

According to the Embassy of Pakistan Seoul, the agreed items between the two counterparts are as follows:

1. Before the Consultations, the Foreign Secretary met with the Foreign Minister, Ms. Kang Kyung-Wha and exchanged views on the need for closer cooperation between the two friendly countries.

2. During the discussions between the Foreign Secretaries, the two sides reviewed the entire gamut of bilateral relations and identified opportunities and possibilities for further deepening the relations in all fields, especially in the spheres of trade, investment, education, culture and parliamentary exchanges.

3. The two sides agreed in principle for the need of high level visits from RoK to Pakistan to establish closer cooperation in various fields of economic reform and regional peace and security.

4. Pakistan side welcomed the designation of Pakistan as a “priority partner” for Korean Economic Development Cooperation.

5. Enhancing cooperation in culture, education as well as in new fields such as forestry and climate change initiatives were also discussed.

6. Discussions were also held regarding regional security situations in south Asia and the Korean Peninsula. Pakistan highlighted the importance of resolution of Kashmir Dispute for peace in South Asia and the Korean side briefed on the positive developments for establishment of ‘peace regime’ on the Korean peninsula.

7. The 10th Round of Bilateral Policy Consultations provided a useful platform to review progress in various fields and to set trajectory for further cooperation between the two sides.

8. The Foreign Secretary also interacted with members of the Pakistani community who had contributed funds for the Dam Fund. She thanked them for their generous contribution to this national cause.