Hydro dams, petrochemical and agro processing sectors: top Korean companies keen to invest millions of dollars: Envoy

Top Korean companies are interested to invest millions of dollars in power generation hydro dams, petro-chemical and agro processing sectors in Pakistan. This was stated by the Ambassador of Republic of Korea to Pakistan, Choi Choong Joo a press conference in a local hotel on Monday.
He said that 20 South Korean companies, including Samsung, Hyundai, LG, Lotte and Posco, are already operating in Pakistan in manufacturing, technology and services sectors with the investment of million of dollars. The Consul-General of the Republic of Korea in Karachi LEE In Ki was also present on this occasion.
The Ambassadors said that Pakistan and Korea enjoy strong historical relations. However, the trade volume between the two friendly countries is much lower than existing potential. The bilateral trade volume between the two countries is just over $1 billion. "There is huge potential to increase trade volume between the two countries", he said, adding that Pakistan is rich in human and natural resources, while Korea has high technology.
The Korean Ambassador announced that Korean Film Festival will be held in Karachi next month. He said the Republic of Korea and Pakistan enjoy a good, mutually beneficial relationship. "The bonds of friendship between our two peoples have been strengthened over the years", he added.
He said that Korea looks forward to playing an even greater role in the development of Pakistan in the coming years and welcomes a new phase of friendship that encompasses even greater trade, investment, cultural and educational links. The Korean government fully encourages and supports the increased commitment of Korean companies in their investments and development works in Pakistan. Ssangyong has just completed repairing KPT berths to enhance the capacity of this vibrant metropolis, Karachi. "Posco has also made an initial investment in Pakistan and we hope to see more investments from them in the future".
Recently, he said, Hyundai has taken up a project for Uch-II to expand the capacity of the power plant in Balochistan and the ADB and Koexim have also approved a loan for the Patrind hydropower project being deve1oped by K-Water, Daewoo and Sambu. Lotte is already the single largest foreign investor in the petrochemical sector of Pakistan and is planning a further expansion, worth half a billion dollars. All these projects, and many others, are in addition to the existing Korean investments, the most famous of which may be the Motorway made by Daewoo, which has become a symbol of pride for Pakistan, he said.
"Apart from the corporate interest in Pakistan, I am proud to say that the government of Korea has also taken an active role in Pakistan", he said, adding that Korea is a member of the Friends of Democratic Pakistan and has offered $180 million in an extremely soft loan to Pakistan. Additionally, Korea has funded several projects such as the newly inaugurated Garment Technology Institute. Korea has also financed 'Provision of water supply and sewerage drainage schemes', the 'National Capacity Building Institute for Water Quality Management', trainings in Korea for Pakistani government officials and vocational training to crisis affected youth of Malakand.
"The full list of Korean projects and investments is much longer. However, it is sufficient to say that we are trying our best to bring investment and development to Pakistan and to bring economic progress and prosperity to Pakistanis, and in this endeavour we appreciate the positive actions of the Government such as the passage of the Arbitration (International Investment Disputes) Bill 2011 and look forward to continued support to protect the Korean firms who have braved globally adverse circumstances to bring their investments to Pakistan", he said.
"We believe that senior level meetings in the future will further strengthen our bonds, and look forward to the new phase of Pakistan-Korea friendship, with the hope that it ushers in a new era social uplift and economic betterment for both our people", he added.