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South Korean companies interested to invest in multiple sectors in Pakistan

Date: December 4, 2019 Author: Web Desk Category: General General Business News Tags: Short URL Comments: 0

Islamabad, December 04, 2019 (PPI-OT): A delegation of Multi Motive Creation People (MMC People) of South Korea led by Yoohee Jong CEO and Kim Je Jong Advisor visited Islamabad Chamber of Commerce and Industry and informed that they were working to bring leading South Korean companies to Pakistan for exploring JVs and investment. Shaukat Ali Mukadam, former Ambassador of Pakistan to South Korea also accompanied the delegation.

Speaking at the occasion Hoohee Jong CEO MMC People said that South Korean companies have vast experience of constructing high rise building including hotels and shopping malls. They said that South Korean company Samsung C and T had built Burj Khalifa Tower in Dubai and Petronas Tower in Malaysia and South Korean companies were interested to invest in Pakistan’s construction sector that offered great potential. He said that South Korean companies were also interested to explore JVs and investment in electric cars, solar energy, health care and other sectors. The delegation held meetings with ICCI to explore business collaborations and assured that they would bring more South Korean companies to Pakistan so that they could play effective role in economic development of Pakistan

Addressing the delegation, Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry briefed the delegation about investment prospects in Pakistan. He said that many South Korean companies including Samsung Electronics, L.G. Electronics, Daewoo Motors, Hyundai Corporation and Loti Engineering and Construction were doing successful business in Pakistan and urged that more should visit Pakistan to explore JVs and investment in areas of interest.

He said that construction models in Pakistan used lot of material and were very costly. He stressed that South Korean companies should bring latest technology to build smart buildings in Pakistan that should be cost effective and energy efficient. He said that South Korean companies should also invest in upgrading power transmission network to reduce the transmission and distribution losses.

Muhammad Ahmed Waheed said that the current government has planned to increase the share of alternative energy from 5 percent to 35 percent in total energy mix and urged that South Korean companies should pitch in to help Pakistan in converting to alternative sources of energy. He said that government also wanted to shift cities transport to electric vehicles in order to reduce dependence on expensive imported oil and added that South Korean companies have good opportunity to capture market share by producing electric vehicles in Pakistan.

Tahir Abbasi Senior Vice President, Saif ur Rahman Khan Vice President, Mian Shaukat Masud, Zahid Maqbool and others also spoke at the occasion and highlighted areas of business partnerships with South Korean counterparts.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk