ISLAMABAD: President Asif Ali Zardari has said 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.
Huh Soo Young, President and Chief Executive Officer of KP Chemical
Corporation, a petrochemicals company and a subsidiary of the South Korean
conglomerate LOTTE called on President Asif Ali Zardari at the Aiwan-e-Sadr.
The CEO KP Chemicals was accompanied by M. Asif Saad, CEO, Lotte Pakistan
PTA, Mr. Shin Un, advisor Lotte Group, Mr Lim Byung, MD Lotte corporate
headquarter and Mr. Kim Jung Neon, ED Lotte Pakistan PTA. Mr. Choi Choong- Jee,
South Korean ambassador in Pakistan was also present.
From Pakistan side, Makhdoom Shahabuddin, Minister for Textile Industry, Mr.
M. Salman Faruqui, Secretary General, Mr. Saleem H. Mandviwala, Chairman BOI,
Dr. Nadeem Ul Haq, Deputy Chairman Planning Commission, Malik Asif Hayat,
Secretary to President, Dr. SafdarSuhail, Director General, Commerce Ministry
and other senior officials attended the meeting.
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.
He said that the government has 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. He invited the Korean entrepreneurs to
invest in Pakistan’s oil & gas sector, mining, energy, IT & Telecom,
food and agriculture and tourism and avail the attractive investment
opportunities in these sectors.
The President said that 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. Online
