ISLAMABAD: A South Korean delegation of Multi Motive Creation People (MMC People) led by Yoohee Jong CEO and Kim Je Jong Advisor visited Islamabad Chamber of Commerce & Industry (ICCI) on Wednesday and informed that they were working to bring leading South Korean companies to Pakistan for exploring JVs and investment. Former Ambassador of Pakistan to South Korea Shaukat Ali Mukadam also accompanied the delegation.
Speaking at the occasion Hoohee Jong CEO MMC People said that South Korean companies have vast experience of constructing high rise building including hotels and shopping malls. They said that South Korean company Samsung C&T had built Burj Khalifa Tower in Dubai and Petronas Tower in Malaysia and Korean companies were interested to invest in Pakistan’s construction sector that offered great potential.
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He said that South Korean companies were also interested to explore JVs and investment in electric cars, solar energy, health care and other sectors. The delegation held meetings with ICCI to explore business collaborations and assured that they would bring more South Korean companies to Pakistan so that they could play effective role in economic development of Pakistan
President ICCI Muhammad Ahmed Waheed briefed the delegation about investment prospects in Pakistan. He said that many Korean companies including Samsung Electronics, L.G. Electronics, Daewoo Motors, Hyundai Corporation and Loti Engineering & Construction were doing successful business in Pakistan and urged that more should visit Pakistan to explore JVs and investment in areas of interest.
The President ICCI said that construction models in Pakistan used lot of material and were very costly. He stressed that Korean companies should bring latest technology to build smart buildings in Pakistan that should be cost effective and energy efficient. He said that Korean companies should also invest in upgrading power transmission network to reduce the transmission and distribution losses.
Muhammad Ahmed Waheed said that the incumbent government has planned to increase the share of alternative energy from 5 percent to 35 percent in total energy mix and urged that South Korean companies should pitch in to help Pakistan in converting to alternative sources of energy. He said that government also wanted to shift cities transport to electric vehicles in order to reduce dependence on expensive imported oil and added that Korean companies have good opportunity to capture market share by producing electric vehicles in Pakistan.
Senior Vice President ICCI Tahir Abbasi, Vice President Saif ur Rahman Khan, Mian Shaukat Masud, Zahid Maqbool and others also spoke at the occasion and highlighted areas of business partnerships with South Korean counterparts. (With additional input from INP)
