Secretary Industries Aziz Ahmad Bilour urged South Korean Ambassador to enhance Korean investment in Pakistan. “The Korean investment in Pakistan is much lower than its potential which in 2010-2011 stood at $7.7 million”, Aziz Bilour said here in a meeting with Ambassador of Korea in Pakistan Choongioo Choi on Friday. Both discussed the prospects of enhancing investment in the energy, steel, consumer goods, domestic appliances, electronics, auto sector and relocation of Korean industries in Pakistan. Aziz Bilour said that the government would facilitate the Korean investors and they should explore new avenues of investment in Pakistan.
Korea’s bilateral trade with Pakistan is around $1.1 billion whereas with India a stand at $16 billion and it has a trade of $1 billion a day with China. The Secretary said that Pakistan has a diversified market of consumer durables, where a number of units are engaged in production of wide range of domestic appliances like washing machines, TV sets, Deep Freezers, Refrigerators, Split AC and Microwave oven etc. He said that South Korea has a sufficiently developed consumer durable sector and Pakistan is looking forward to establish joint ventures with Korean companies. Aziz Bilour further said that with the growing manufacturing, engineering and construction sector, there is a huge demand of steel in Pakistan and investments in the steel sector will be beneficial for both the countries. At present South Korean steel giant POSCO, world’s third largest steel maker is in joint venture with Tuwairqi Steel Mills in Pakistan.
