A South Korean firm has expressed interest in investing in Pakistan to manufacture various products including LEDs, solar cells, machine tools, vacuum products and other appliances.
Dr. Won Ho Jung, Head, Overseas Business Division, Line Tech Inc, South Korea visited Islamabad Chamber of Commerce and Industry and exchanged views with the local business community on Saturday.
Dr Won said that in the first phase, his company was looking for partners in Pakistan to introduce its products in the market and at a later stage it plans to set up a factory in Pakistan for manufacturing activities with a transfer of technology from South Korea.
Dr. Won Ho Jung said that his company was also interested in water purification and water treatment plants in Pakistan as they have found a potential market for such business.
He said his company was importing leather from Brazil and was interested in importing the same 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 the South Korean company should explore the option of a manufacturing plant in Pakistan.
He said that under the China-Pakistan Economic Corridor project, nine Special Economic Zones (SEZs) will be established in Pakistan where local and foreign investors will be given attractive incentives including tax holidays. He said it is the right time for the South Korean Company to enter the Pakistani market for JVs and investment.
Iftikhar Anwar Sethi, Vice President Islamabad Chamber of Commerce & Industry assured that ICCI will extend all possible cooperation and support to the South Korean company in finding the right partners in Pakistan.