Despite of bad law and order situation in Karachi, the city is still attracting a number of foreign investors to start their operations in Pakistan. Lotte, a South Korean company, is undertaking an extensive program to swell out its operations and is willing to invest $500 million in a number of projects in Pakistan.
In a press conference in Karachi, the Korean ambassador, Choong Joo Choi, stated that Lotte will invest half a billion dollars in Pakistan in the coming future. He further asserted that a number of other South Korean firms are having rounds of negotiations with the authorities in Pakistan for starting new projects in the country, mainly in power and petrochemical sectors.
The envoy reminded that Korea has already invested in several successful projects in Pakistan, including the newly-inaugurated Institute of Garment Technology, water supply, sewerage drainage projects and Institute for Water Quality Management. The Korean assistance can also be witnessed in training Pakistani government officials and vocational training for youngsters in Malakand division.
The Korean ambassador further said that more than 20 South Korean firms are currently operating in Pakistan and few Korean brand names had their subsidiary and production lines. South Korea is a significant member of the Friends of Democratic Pakistan and has proposed $180 million soft loan to Pakistan.
“It is an offer in the form of an extremely soft loan,” said Ambassador Choong Joo Choi.
Another South Korean company, Hienergy Korea Canmore Co. Ltd. has also announced that it is willing to invest $100 million in the wind energy projects in Sindh. In a meeting with the Sindh Minister for Industries, Rauf Siddiqui, the leader of the company expressed his thoughts about the future investments in the wind power sector in Sindh. He also mentioned that Hienergy will start 50MW projects in SITE and Nooriabad as well and this will certainly provide great assistance to improve the worsening power crisis in Pakistan.
Korea’s investment in the country will open new job opportunities in the region and will surely strengthen Pakistan’s economy. It will be great source of inspiration for other foreign investors, who are showing their reluctance in starting new projects under shortage of power in the country.