South Korean firm eyes investment in Pakistan

ISLAMABAD: A well-known firm of South Korean is likely to make investment in Pakistan to manufacture various products including LEDs, solar cells, machine tools, vacuum products and others.

Dr. Won Ho Jung, Head, Overseas Business Division, Line Tech Inc, South Korea visited Islamabad Chamber of Commerce and Industry (ICCI) and exchanged views with local business community last week.

Dr Won said in the first phase, his Company was looking for partners in Pakistan to introduce its products in Pakistani market and at later stage it was planning to setup a factory in Pakistan for manufacturing activities with transfer of technology from South Korea.

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Dr. Won Ho Jung said that his company was also interested in water purification and water treatment plants in Pakistan as they have found Pakistan a potential market for business and investment.

He said his company was importing leather from Brazil and was interested to import leather from Pakistan for which it was looking for credible leather exporters.

Speaking at the occasion, President ICCI Ahmed Hassan Moughal said that Pakistan was a huge market of over 200 million consumers due to which foreign investors were doing successful business in Pakistan. He said that consumer products including LEDs, solar cells, vacuum products and others have great demand in our market and South Korean Company should explore setting up manufacturing plant in Pakistan.

He said under China-Pakistan Economic Corridor project, nine Special Economic Zones (SEZs) would be established in Pakistan where local and foreign investors would be given attractive incentives including tax holidays. He said it was right time for South Korean Company to enter Pakistani market for JVs and investment.