SEOUL – Prime Minister Syed Yusuf Raza Gilani has assured the Chief of Posco, a leading Korean Company for steel and other projects that government of Pakistan will ensure full support and cooperation to it in setting up projects in Pakistan in the field of gas, electricity, coal gasification and infrastructure. The Prime Minister gave this assurance to the Chairman of the Posco, Joon Yang Chung, who called on him here on Wednesday. Gilani asked the Chairman of Posco to invest in the LNG terminal project in Karachi to facilitate Pakistan in resolving its energy crisis. The Prime Minister said the government has provided ample investment opportunities for foreign investors and they could invest in a free and open atmosphere. The Chairman Posco, told Prime Minister that his company is keen to invest in Pakistan in different fields including coal, iron, mining, enginee at Low Stagah in KPK, coal gasification, Thar Coal, and building motorways. He informed the Prime Minister that his company that has made a consortium Al-Tuwaiqi Group that will start the production of steel from June this year from its new steel mill established in Pakistan that has the capacity for producing one million tons of iron.
Prime Minister Gilani was also told that Posco has signed MoU with Board of Investment of Pakistan for expanding bilateral relations in the field of iron ore mines, up/down stream steel project by Posco Steel.
The Prime Minister said the government of Pakistan will also provide them full support in starting the plant especially in LNG to meet the future growing needs of energy in Pakistan.
The meeting was also attended by Saleem H. Mandviwalla, Chairman, Board of Investment who played major role in this project. This South Korean steel making company Posco will invest millions of dollars to expand the production capacity of Al-Tuwairqi steel plant located near Port Qasim.
It has signed a memorandum of understanding for initiating joint venture between Posco and Tuwairqi.
POSCO is among the four steel makers of the world. The joint venture of the companies to produce steel products for automobiles and construction goods is set to be completed in 2015 with an annual production capacity of two million tons.
Both Posco and Al-Tuwairqi Holding of the Kingdom of Saudi Arabia are in the steel business.
Posco is in steel business for the last four decades whereas Al-Tuwairqi is in steel business since late 1980.