S Korean in­vestors of­fered to in­vest in power sec­tor

The Pak Banker - - NATIONAL -

South Korea be­ing an im­por­tant trade part­ner and hav­ing ad­vanced ex­per­tise in the field of power sec­tor can as­sist Pak­istan in set­ting up joint ven­tures along with lat­est tech­nol­ogy trans­fers.

"Pak­istan should fo­cus on in­dige­nous re­sources to gen­er­ate cheap elec­tric­ity as Doosan has ca­pac­ity to ex­plore coal fields' re­serves in Pak­istan", Jeong Tae Song, Se­nior Vice Pres­i­dent, Doosan Cor­po­ra­tion of South Korea said here in a meet­ing with the busi­ness com­mu­nity of Pak­istan on Mon­day.

He said that the Korean in­vestors could earn lu­cra­tive prof­its while in­vest­ing in Pak­istan. Is­lam­abad Cham­ber of com­merce & In­dus­try (ICCI) hosted a meet­ing of South Korean in­vestors and or­ga­nized their Busi­ness to Busi­ness (B2B) meet­ings with Pak­istani en­trepreneurs hav­ing com­mon in­ter­est in var­i­ous fields.

Shaukat Ali Mukadam, Am­bas­sador of Pak­istan to South Korea and se­nior of­fi­cials of Board of In­vest­ment were also present on the oc­ca­sion. South Korean del­e­ga­tion com­pris­ing of rep­re­sen­ta­tives from ma­jor com­pa­nies like Sam­sung Con­struc­tion & Trad­ing Corp, Lot­tee Group, WIS­DOM, STX Group, KO­RAIL, K-Water, Doosan Cor­po­ra­tion, Sambu Con­struc­tion, CK So­lar, Don­gin Med­i­cal Cen­tre, KCIP, Sambo en­gi­neer­ing, Dae­woo E & C, KEPCO and NanoRronix.

Speak­ing on the oc­ca­sion, Shaukat Ali Mukadam traced the his­tory of Pak-Korean diplo­matic and trade re­la­tions and ex­pressed the de­sire to ex­pand the bi­lat­eral trade ties be­tween the two coun­tries up to US$5 bil­lion over the next few years. He also in­formed the meet­ing about or­ga­niz­ing of a fol­low-up visit of Pak-busi­ness­men to South Korea would fur­ther strengthen and deepen the eco­nomic re­la­tions be­tween Pak­istan and Korea.

He said that Korean com­pa­nies were al­ready work­ing in dif­fer­ent water and power sec­tor projects and more in­vestors were keen to in­vest in the coun­try. The Am­bas­sador said that Pak­istan has a spe­cial re­pute in pro­duc­ing a wide range of high qual­ity sur­gi­cal in­stru­ments which were used across the world and there was a great de­mand for Pak­istani sur­gi­cal in­stru­ments in Korean mar­kets.

In his key­note ad­dress, Tariq Sadiq, Former Pres­i­dent ICCI wel­comed the South Korean del­e­ga­tion of in­vestors and said that Pak­istan gives im­mense im­por­tance to its re­la­tions with South Korea, es­pe­cially in the con­text of the Vi­sion East Asia Pol­icy of the Government.

He said that the Pak­istani Busi­ness Com­mu­nity is very much op­ti­mistic that the visit of Pres­i­dent of Pak­istan to Korea and your fol­low-up visit would lead to open­ing up of many new av­enues of col­lab­o­ra­tion be­tween the two coun­tries.

Tariq Sadiq said that the cur­rent level of bi­lat­eral trade be­tween Pak­istan and Korea is around 1.6 bil­lion US dol­lars, which was far be­low the true po­ten­tial of both coun­tries.

He said that Pak­istan is a na­tion of over 180 mil­lion peo­ple with a vi­brant mid­dle class hav­ing an in­creas­ing pur­chas­ing power and pos­sess a huge reser­voir of Hu­man Re­source, which is highly skilled and dis­ci­plined. "Our for­eign ex­change rate par­ity could also make lo­cal fab­ri­ca­tion & man­u­fac­ture very at­trac­tive and com­pet­i­tive for ex­ports, com­pared to other coun­tries in the Re­gion", he main­tained.

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