BoI, STX sign MoU for infrastructure, energy development

Business news about stx South Korea agreement with PakistanThe Board of Investment and STX corporation of South Korea have signed a Memorandum of Understanding (MoU) aiming at collaboration in infrastructure and energy sectors. The MoU would enable both BoI and STX exchange information on investment policies and projects, regular sharing of information on investment and related areas, research and development, BoI Chairman Saleem H. Mandviwalla said. He said that in addition exchange of executives for a strong interaction and organizing and conduct of investment seminars and conferences in the two countries would also be promoted by the memorandum.Pakistan’s Ambassador to South Korea, Shaukat Ali Mukadam was also present on the signing ceremony.

Mandviwalla said another MoU was signed with Korea Southern Power Co Ltd (KOSPO), for collaboration including a 2 Giga Watt mega wind power project in Sindh. He said that he had also meeting with Korean SAMBU construction which is engaged in constructing the Lowari tunnel. South Korea has made rapid strides across the global stage as a manufacturer of superior confectionery products, fast food chains, electronic products, hotels, retail stores, construction, financial services, chemicals and professional baseball, he add. A South Korean group, ‘Lotte’ has purchased Pure Terepthalic Acid (PTA) Plant of ICI Pakistan for $ 400 million and planning to further invest $ 500 million in doubling the existing production capacity of PTA plant. He said that possibilities of mega projects for coal-fired electricity generation and sewerage management (for Karachi) were also discussed – APP