On a significant day in Islamabad, Pakistan’s Ministry of Economic Affairs and Korea’s Economic Development Cooperation Fund (EDCF) marked a new phase in their partnership. They signed an Aide-Mémoire to establish a mid-term development strategy for 2024–2026. The Pakistan-Korea Development Cooperation 2024–26 document outlines key projects and initiatives, strengthening the economic bonds between Pakistan and South Korea.
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Details of the Pakistan-Korea Development Cooperation
The Aide-Mémoire was signed by Sajid Manzoor Asadi, Joint Secretary of Pakistan’s Ministry of Economic Affairs, and Bonhyun Koo, Director of the Asia Team at the EDCF. The ceremony saw Dr. Kazim Niaz, Secretary of the Ministry, among other officials from both sides, as witnesses. Also read the blog related to scholarships: Exploring the Edinburgh Global Masters Scholarship 2024–25.
A Focus on Healthcare
An exciting aspect of the cooperation is the commitment to healthcare development. A notable project includes the construction of a Pediatric Hospital in Jamshoro, Sindh. The EDCF has pledged USD 60 million for this crucial initiative, promising enhanced medical facilities for children in the region.
Engaging Discussions and Future Plans
The EDCF mission included comprehensive discussions with various Pakistani governmental bodies. These interactions aimed to refine and prioritize the development projects discussed in the Aide-Mémoire. The mission also focused on knowledge sharing and capacity building, aiming to bolster mutual development goals further.
Financial Commitments and Support
The EDCF has shown substantial financial commitment, with an indicative funding of USD 900 million planned over the next three years. Additionally, USD 2 million is allocated for technical assistance. These funds will support high-priority development projects in sectors such as transport, healthcare, energy, and ICT.
Emphasis on Sustainable Development
During the signing, both parties reiterated their dedication to sustainable development. They aim to implement projects that not only enhance economic cooperation but also improve the quality of life for people in Pakistan. This partnership underscores a mutual commitment to progress and prosperity, benefiting both nations.
Gratitude and Acknowledgments
The Ministry of Economic Affairs and the EDCF expressed their gratitude to all stakeholders involved. Their collaboration is set to bring about significant advancements in Pakistan’s infrastructure and service sectors, driven by this enhanced cooperation with South Korea.
Conclusion
The signing of the Aide-Mémoire between Pakistan and Korea is more than a formal agreement; it is a roadmap for future collaboration and development. As these plans unfold, the anticipated projects are expected to bring substantial improvements in various sectors across Pakistan, showcasing the power of international cooperation in achieving sustainable development goals.
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