President’s meetings with Korean Companies

Islamabad, December 05, 2012 (PPI-OT): President Asif Ali Zardari Wednesday held a series of back to back meetings with top South Korean business leaders and urged them to maximize their investment and play their vital role in building strong bilateral economic and investment bonds between the two countries, says a press release received from Seoul.

The President during the last day of his three-day official visit apprised the Korean entrepreneurs about the government’s new investor friendly regime, vast economic potential of the country and solid returns of their investments in Pakistan.

The President said Pakistan was rich in natural resources and the country can produce almost everything from cotton to coal, gas to minerals, medicinal plants to precious stones.

The President said that Pakistan has potential to produce over 100,000 MW of power for 100 years from its largest coal reserves of 185 billion tons which can be harnessed with the cooperation of the Korean companies to the mutual benefit of the two countries. Besides coal, the President said Pakistan offers huge potential for investment in its hydel power, wind and solar power and welcomed Korean investment in power energy sector.

The President said that with the availability of raw material, skilled and non-skilled labour, the Korean entrepreneur can significantly reduce their cost of production by doing business in Pakistan. Highlighting the geo-strategic location, he said that Pakistan was in position to serve the huge markets of over 3 billion people in its neighbourhood besides its own market of around 200 million people.

Besides geo strategic location, the President said, Pakistan was offering huge incentives to the foreign and local investors which included investment in all the economic sectors, allowing 100% foreign equity, equal treatment to foreign and domestic investments, allowing remittance of royalty, capital, profits and dividends and full legal protection to foreign investment.

The President while noting the steady increase in the bilateral trade between the two countries said that Pak- Korea trade has increased from 94 million dollars in 1983 to 1.5 billion dollars in 2011, marking an increase of over 31%, over the year before.

He said Pakistan’s exports to Korea have also increased to 737 million dollars in 2011 representing an increase of nearly 85 % compared to 2010. He said the Korean exports also rose by 5 per cent, however pointed that the potential for bilateral trade was much more.

The President said that friendship between Pakistan and Korea has grown into an all-round partnership since the establishment of Consul General level relations 43 years ago and its subsequent up-gradation to Ambassadorial level in 1983.

The President noted the remarkable progress achieved by Korea and expressed satisfaction over the close and cordial relations between the two countries.

Referring to the recent Investment Seminar in Seoul and the participation of the Korean businessmen in the Expos held in Karachi this year and last year, he said that such events provided huge opportunities for the Korean private sector in Pakistan.

He added that many Korean companies were household names in Pakistan, with a good demand for their electronic appliances and household goods.

President Zardari said the people of Korea were known for creative genius, skills and hard work and through sheer hard work they have transformed their country into a leading economy of the world. The business and industrial community of Korea deserves to be commended for their great achievements, adding that Pakistan was keen to learn from Korean experience.

The CEOs and heads of Korean companies who met the President today separately included Vice Chairman and Chief Executive Officer of DAELIM Industrial Company Y. Kim Charles, Chief Executive Officer of ECHO One Eun-Seok Yun, Chairman Ho-gye Kim and CEO Dr. Moon-sok Choi of CX Solar, CEO Myung-Soo Huh and President and CGO of GSEngineering and Construction Sang Ryong Woo, Chairman SAMBU Nam-wook Cho, Chairman and CEO Doosan Group Young-maan Park and Chairman Doekjae Sun Ho Kim.

Those who were present during the meetings included among others Makhdoom Muhammad Amin Fahim, Commerce Minister, Ch. Ahmad Mukhtar, Minister for Water and Power, Nawabzada Malik Amad Khan, Minister of State for Foreign Affairs, Mr. Muhammad Arif Azam, Secretary Railways, S. Anjum Bashir, Secretary BOI, Mr. Raghib Abbas Shah, Chairman WAPDA, Mr. Shaukat Ali Mukadam, Pakistan’s ambassador in Korea and other senior officials.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326
Email: piopid@gmail.com

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