Korean companies interested in investing in Pakistan: Envoy

ISLAMABAD   -   Ambassador of the Republic of Korea, Park Ki Jun called on the Federal Minister for Industries and Production at Islamabad Wednesday. The delegation from leading South Korean companies also accompanied the ambassador.

Federal Minister for Industries and Production Rana Tanveer Hussain welcomed the ambassador and his delegation. The federal minister stated that Pakistan and the Republic of Korea enjoy historical and cordial relations. Both countries are engaged in multifaceted bilateral cooperation in many areas including in the field of economic and culture.

The matters of mutual interest, including bilateral cooperation and the challenges faced by Korean companies in Pakistan also came under discussion. The federal minister assured the visiting delegation for prompt resolution of all pending matters. The federal minister apprised the visiting ambassador that the government has taken a number of steps to boost up industrial activities in the country. He said that government has announced Automotive Industry Development and Export Plan (AIDEP 21-26) under which a number of incentives have been offered for investment in automobile sector. As a result of this policy, 13 new manufacturers have started local assembling of renowned automobile brands in Pakistan.

Rana Tanveer Hussain informed the delegation that the government is focusing on the establishment of Industrial Parks/Special Economic Zones to promote the industrial activity. Besides existing NIP projects, BoI has further identified 27 sites for establishment of Industrial park alongside CPEC. The incentives available to industry include income tax holidays for 10 years and duty-free import of capital goods.

The ambassador of the Republic of Korea said that Korean companies are interested in investing in Pakistan. He further desired to explore new investment opportunities in the country. He also emphasized to search new avenues of bilateral cooperation and further strengthen economic and cultural ties between Pakistan and the Republic of Korea.

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