Korean Giant Lotte Expanding Investment in Pakistan

Karachi: South Korean companies presently in India will be opening offices in Pakistan, while another South Korean giant, POSCO, has also indicated interest in investing significantly in Pakistan’s economy this year.

This is indicative of the fact that Pakistan holds massive potential for foreign investment, Mr. In-Ki Lee, the Consul General of South Korea posted in Karachi, said who visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Head Office at Karachi on Wednesday along with Shaukat Muqaddam, the Ambassador of Pakistan in Seoul, and met leading members of the business community.

The visiting dignitaries were welcomed by Tariq Sayeed, who is currently VP of CACCI, and has formerly been President of both FPCCI and SAARC CCI; and FPCCI-Vice Presidents, Dawood Usman Jakhura, Akbar Khan and Engineer Usman Shaikh. The meeting was also attended by Mr. Shakil Dhingra, VP (Elect) FPCCI, and Syed Masood Alam Rizvi, Secretary General-FPCCI.

Ambassador Shaukat Muqaddam traced the history of Pak-Korean diplomatic and trade relations and expressed the desire to expand the trade between the two countries from US$1.4 billion (existing) to US$3 billion over the next 3-4 years. He expressed satisfaction at the recent improvement in Pakistan’s trade balance with Korea, but pointed out that there still existed immense potential for improvement.

He mentioned some major investments by Korean companies such as Samsung, Daewoo and Lotte in infrastructure, steel, food processing and beverages, which indicated that almost all the big Korean conglomerates had a presence in Pakistan. He mentioned that Korea was keen to invest in emerging markets in South Asia, and pointed out that Pakistan could provide. a trade corridor to the landlocked Central Asian states.

Mr. In Ki Lee suggested that FPCCI should send a strong delegation to the Korean Expo in Seoul in May-August 2012, which would be a great opportunity to introduce Pakistani products to the Korean market. He mentioned Korean investment in wind power projects and infrastructure in Pakistan, and was also very open to the suggestion of exploring joint ventures in seafood, leather processing and rice given by the Pakistani businessmen.

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