Ambassador of Korea Choong-joo Choi on Thursday expressed concern over tax-related issues being faced by Korean companies in Pakistan. Speaking at a meeting with Chairman of Sindh Board of Revenue (SBI) Zubair Motiwala at his office, he said: "If Pakistan government wants to attract foreign investments, it needs to create a friendly environment for foreign investors."
He said: "Two major foreign groups - Lotte Pakistan PTA Ltd and Tuwairiqi Steel Mills Limited - are not happy with the tax department, SBI needs to support them." The ambassador said: "The Korean government and Korean companies have already invested in Pakistan and also providing quarterly aid of $200 million to Pakistan."
Executive Director of Lotte Pakistan Jung Neon Kim said: "Tax refund claims worth more than Rs 800 million are pending with Federal Board of Revenue (FBR)". Director of Tuwairqi Steel Mills Zaigham Adil Rizvi said: "The FBR imposed an additional levy of $16 per ton in February through an SRO, which was withdrawn after his tireless efforts lasting three months."
Meanwhile, the chairman of SBI assured that he would take up these issues with the finance minister-designate and try to resolve these issues at the earliest. The meeting was aimed at attracting Korean investors for Thar Coal and other projects but they remained sceptical, mainly because of tax-related issues. Earlier, Zubair Motiwala said: "Pakistan is an energy-starved country, despite having huge natural resources - Thar Coal and Thatta Wind Corridor." He requested the Korean envoy to motivate one of the largest power producers in Korea, M/s Korea Electric Power Company (Kepco) to invest in Thar Coalfields.
Director-General of SBI Muhammad Riazuddin said: "Sindh Enterprise Development Fund (SEDF) considers Islamic Financing as well as other mode of financing while approving applications and projects. He said: "The main mission of SEDF is to introduce technology and bring value-addition in non-conventional and vital sectors of national economy by extending technical and credit assistance." Director Projects Abdul Azeem Uqaili said: "The Sindh government is developing an industrial zone near Khairpur for agro-based industry."
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