Shining Pakistan

KARACHI: Lotte, a South Korean firm, is planning to expand its operations and invest half a billion dollars in various projects to be executed in Pakistan, said Ambassador Choong Joo Choi on Monday.

Several other companies are also engaged in negotiations with Pakistani authorities for investment, mainly in power and petrochemical sectors, the Korean ambassador said at a press conference.

The envoy said his country had funded several projects in Pakistan such as the newly-inaugurated institute of garment technology and water supply and sewerage drainage projects, adding that Koran cooperation had also been extended to the national capacity-building institute for water quality management, training of Pakistani government officials and vocational training of youths of Malakand.

He said that at present more than 20 South Korean companies were based in Pakistan and some of the Korean brand names had their subsidiary and production lines.

He said that Ssangyoung, another Korean company, had just completed repair work of KPT berths while Posco had also made initial investment in the country.

South Korea, a member of the Friends of Democratic Pakistan, offered $180 million soft loan to Pakistan. “It is an offer in the form of an extremely soft loan,” said Ambassador Choong Joo Choi.

WIND ENERGY: In a related development, Hienergy Korea Canmore Co. Ltd. announced that it would invest $100 million in the wind energy projects in Sindh, besides 50MW projects in SITE and Nooriabad.

This was said by the leader of the company who met Sindh Minister for Industries Rauf Siddiqui on Monday.