Business: South Korean investors offered to invest in power sector

Islamabad: Chamber of commerce & Industry ICCI hosted a meeting of high powered South Korean investors and organized their B2B meetings with Pakistani entrepreneurs having common interest in various fields. H.E. Mr. Shaukat Ali Mukaddam, Ambassador of Pakistan to South Korea and senior officials of Board of Investment were also present on the occasion.

South Korean delegation comprising of representatives from major companies like Samsung Construction & Trading Corp, Lotte Group, WISDOM, STX Group, KORAIL, KWater, Doosan Corporation, Sambu Construction, CK Solar, Dongin Medical Centre, KCIP, Sambo engineering, Daewoo E & C, KEPCO and NanoRronix.

Mr. Jeong Tae Song, Senior Vice President, Doosan Corporation said that Pakistan should focus on indigenous resources to generate cheap electricity as Doosan has capacity to explore coal fields’ reserves in Pakistan.

He said that South Korea being an important trade partner and having advanced expertise in the field of power sector could assist Pakistan in setting up joint ventures along with latest technology transfers as well as Korean investors could earn lucrative profits in Pakistan.

Speaking on the occasion, Mr. Shaukat Ali Mukaddam, Ambassador of Pakistan to South Korea traced the history of Pak-Korean diplomatic and trade relations and expressed the desire to expand the bilateral trade ties between the two countries up to US$5 billion over the next few years.

He also informed the meeting about organizing of a follow-up visit of Pak-businessmen to South Korea would further strengthen and deepen the economic relations between Pakistan and Korea.

He said that Korean companies were already working in different water and power sector projects and more investors were keen to invest in the country. The Ambassador said that Pakistan has a special repute in producing a wide range of high quality surgical instruments which were used across the world and there was a great demand for Pakistani surgical instruments in Korean markets.

In his keynote address, Mr.Tariq Sadiq, Former President ICCI welcomed the South Korean delegation of investors and said that Pakistan gives immense importance to its relations with South Korea, especially in the context of the Vision East Asia Policy of the Government.

He said that the Pakistani Business Community is very much optimistic that the visit of President of Pakistan to Korea and your follow-up visit would lead to opening up of many new avenues of collaboration between the two countries.

Former President ICCI said that President Zardari had offered many incentives to Korean Investors including setting up of a Special Economic Zone. Therefore, we would like that Korean businessmen should take benefit of this offer by making maximum investments in Pakistan, he added.

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