Zardari invites Korean entrepreneurs to invest in Pakistan

ISLAMABAD: President Asif Ali Zardari on Wednesday invited Korean entrepreneurs to invest in Pakistan’s various sectors including oil and gas, mining, energy, telecom, agriculture and tourism. He was talking to Huh Soo Young, President and Chief Executive Officer of KP Chemical Corporation, a petrochemicals company and a subsidiary of the South Korean conglomerate LOTTE, at the Aiwan-e-Sadr.President Zardari said the government had devised a liberal incentives package for attracting robust foreign direct investment in special economic zones in Pakistan with special concessions which in return would create employment opportunities for the people of Pakistan.The President while welcoming the Korean business delegation to Pakistan said that the existing level of trade between Korea and Pakistan is far below its real potential and urged for further enhancing bilateral trade and investment ties between the two countries.The President said investment made by the KP Chemicals and Lotte Group gives a positive message across the world that Pakistan is a safe place for investment and expressed the hope that more such big business groups from Korea and other countries will be making investment in Pakistan in the near future.

The spokesperson said that the visiting entrepreneur informed that Korean firm was interested to make investment in food,beverages, hotel, tourism, power and oil, and gas sectors in Pakistan and added that Lotte group was also exploring further opportunities and avenue for investment in various sectors in Pakistan.The President appreciated their interest in making investment in Pakistan and assured that the government will extend maximum support to the Korean firm in realizing their investment objectives.Lottee Group, Korea, the largest overseas south Korean Group is currently ranked amongst the top five companies in Korea  with an annual turnover of US$ 40 billion. Lottee group has recently acquired Pure Terephthalic Acid (PTA) plant of ICI Pakistan and have invested US$ 50 million in setting up a captive power generation plant.The CEO KP Chemicals was accompanied by Asif Saad, CEO, Lotte Pakistan PTA, Shin Un, advisor Lotte Group, Lim Byung, MD Lotte corporate headquarter and Mr. Kim Jung Neon, ED Lotte Pakistan PTA.Choi Choong- Jee, South Korean ambassador in Pakistan was also present.From Pakistan side, Makhdoom Shahabuddin, Minister for Textile Industry, Salman Faruqui, Secretary General, Saleem H. Mandviwala,Chairman BOI, Dr. Nadeem Ul Haq, Deputy Chairman Planning Commission, Malik Asif Hayat, Secretary to President, Dr. Safdar Suhail, Director General, Commerce Ministry and other senior officials attended the meeting. – APP