South Korean investors see Pakistan as most promising country for investment

KARACHI: Ambassador of Pakistan to South Korea Shaukat Ali Muqaddam said on Monday that South Korean see Pakistan as the most promising country for investment. He said that owing to great trade potential the recent trade of $1.36 billion can increase to $2~3 billion if trade potential is effectively utilized.

Speaking to President and other officials of Karachi Chamber of Commerce and Industry during his visit to KCCI, he said that a paradigm shift for Korean investment has been observed and now they are prioritizing to invest in Pakistan and other regional countries while earlier they made huge investment in Western countries.

Ambassador informed that Korean giant Lotte ranks among top ten in Asia who purchased PTA plant in Karachi and is further expanding its business in chemicals and allied sectors. Other Korean leading consortiums are investing in Hydro-power and steel sectors. He said that one Korean Steel sector giant is joining hands with Tuwarqi Steel in Pakistan. Lahore-Islamabad Motorway, Lowari Tunnel, Hyderabad-Mirpurkhas dual carriage highway projects endorse the Pak-Korea deep friendship.

He admired that despite of negative travel advisory, the Koreans do not hesitate to visit Pakistan. He said that efforts are underway to negotiate and sign Pak-Korea FTA. He informed that recently several Korean delegation visited Pakistan to explore investment opportunities in agriculture sector, halal food, particularly rice.

He pointed out the immense export possibilities of mangoes, dates, fruits, readymade garments and sports goods. He stated that around 10700 Pakistanis were residing in Korea performing as businessmen, skilled workers and students. Pak Government was also considering establish a special economic zone for Korea, Ambassador said.

President KCCI Mian Abrar Ahmed assured the Ambassador to extend best possible support and facilitation to the Korean business community. Vice President Zia Ahmed Khan and the Managing Committee Members of KCCI also participated in the meeting.

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