Prime Minister, Syed Yousuf Raza Gilani on Thursday invited the corporate sector of Republic of Korea to enhance joint ventures and direct investment particularly in Pakistan's power generation, steel, automobile and communication sectors.
Talking to Chong Joo Choi, Ambassador of the Republic of Korea who called on him at the PM's House, Gilani welcomed increased interest of Korean companies in chemicals, infrastructure and hydel power generation projects in Pakistan. The PM said his government would like major Korean corporations like Lottee Group's involvement in the construction of Karachi-Islamabad Motorway.
He welcomed the interest of Korean government in undertaking construction of 100-bed hospital in Multan out of its official development assistance of $200 million committed at Tokyo Donors Conference in 2009 and assured facilitation by his government in this regard. He also assured the ambassador that his government would try its utmost to resolve the pending issues relating to Korean companies' investment projects in the country.
Gilani expressed hope that the volume of bilateral trade between the two countries, currently at around rupees one billion, would be enhanced to its real potential. He said that while high level bilateral visits from Pakistan to Korea have taken place in the past, a visit at the head of the state or government level from Republic of Korea was awaited. He asked the ambassador to convey his invitation to the President and Prime Minister of Republic of Korea to visit Pakistan at their earliest convenience.
Expressing his views, Ambassador of Korea briefed the Prime Minister about the plans and present status of Korean corporate sector's involvement in various sectors of Pakistan's economy besides further prospects of expanding economic co-operation between the two sides. He said he would like the volume of trade between Pakistan and the Republic of Korea to be doubled during his tenure of duty in Pakistan and would undertake every possible measure to enhance the commercial relations.
Chong Choi also invited the Prime Minister to the ground breaking ceremony of 150MW Patrind Hydro Power Project in AJK which the Consortium of Korean companies Sambu Corporation, K-Water and Daewoo E&C would be undertaking by buying the project's shares worth $331 million.
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