Federal Finance Minister Shaukat Aziz inaugurated electronic giant LG's air-conditioner manufacturing plant on Sunday at Winder, in Balochistan.
The plant is located at a distance of 30 km from Hub and is next to the LG TV plant. Total area of the plant is 12 acres and the current facility is on 365,000 square feet of covered area.
LG plant will have a production capacity of 200,000 air conditioners per annum. With the inauguration of the AC plant the approximate investment of LG in production plants is now $ 18 million with total employment of 525 people in these plants.
Addressing the grand audience, Shaukat Aziz said, "We believe that such joint initiative from multinationals and our private sector will lead to the ultimate economic strength of the country. We welcome the additional investment made by the company which is a proof of our investor-friendly policies and encouraging environment."
The inauguration ceremony was addressed by Jeon Bou Guan, Ambassador of Republic of Korea, K H Kim, President, Middle East and Africa Operations, B D Yoon, Vice-President, Production Director, AC Division, Dr Akram Shaikh, Chairman Engineering Development Board and Mian Pervez Akhtar, Chief Executive of New Allied Electronics Indus (Pvt) Limited.
"With this additional facility LG is now the largest supplier of ACs in Pakistan. Globally, LG Electronics (LG) air-conditioners have posted top sales in four straight years since 2001.
We posted 18.6 percent global market share, meaning that one out of every five air-conditioners bought world-wide in 2003 was an LG air-conditioner," said K.H. Kim, President Middle East and Africa Operations, while addressing the gathering.
LG Electronics Inc (Korea Stock Exchange; 6657 KS) was established in 1958 as the pioneer in the Korean consumer electronics market.
The company is a major global force in electronics and information and communications products with more than 64,000 employees working in 76 overseas subsidiaries and marketing units around the world.-PR
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