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KARACHI: South Korean government and the business community have explored Pakistan as potential economic hub and willing to invest in various sectors, particularly steel, which offers huge growth opportunities spurred by governments investment-friendly policies, a diplomat said on Friday.
Ambassador of South Korea, Choong Joo Choi, during a visit to Tuwairqi Steel Mills Limited (TSML) recently termed steel as vital for economic development of any country.
He said that TSML will serve as a catalyst for industrial growth in Pakistan.
South Korean steel giant POSCO has so far invested $15 million in the project, and contemplating to invest more, he said, adding that owing to the strategic geographical location of Pakistan in central and south Asia this joint venture appeared to be vital initiative in the global business operations of POSCO.
He said that scores of South Korean companies were operating in energy, petrochemical and infrastructure industries, while many more have planed to invest in future after the law and order situation is improved in Pakistan, he said.
He said that around 10,000 workers from Pakistan are currently serving in Korea.
Young-Ho Yoo, resident director of POSCO said that the new plant of TSML is now on the verge of completion and expected to commence operations by the end of the second half of the current year. After completion of the first phase, we are looking forward to examine the feasibility for the second and third phase of the project, he said.
POSCO is the worlds third-largest steel maker by market value and Asias most profitable steelmaker. It produces some 33.7 million tons of steel products each year. The company ships those products to over 60 countries around the globe.
Earlier, Zaigham Adil Rizvi, Director (Projects) of TSML was of the view that currently Pakistan is among those countries which relied mostly on imports when it comes to heavy mechanical structures and engineering goods.
By producing high-quality steel within Pakistan, we can manufacture such equipment locally by value addition with the help of downstream industries.
South Korea keen to invest in various sectors - thenews.com.pk
Ambassador of South Korea, Choong Joo Choi, during a visit to Tuwairqi Steel Mills Limited (TSML) recently termed steel as vital for economic development of any country.
He said that TSML will serve as a catalyst for industrial growth in Pakistan.
South Korean steel giant POSCO has so far invested $15 million in the project, and contemplating to invest more, he said, adding that owing to the strategic geographical location of Pakistan in central and south Asia this joint venture appeared to be vital initiative in the global business operations of POSCO.
He said that scores of South Korean companies were operating in energy, petrochemical and infrastructure industries, while many more have planed to invest in future after the law and order situation is improved in Pakistan, he said.
He said that around 10,000 workers from Pakistan are currently serving in Korea.
Young-Ho Yoo, resident director of POSCO said that the new plant of TSML is now on the verge of completion and expected to commence operations by the end of the second half of the current year. After completion of the first phase, we are looking forward to examine the feasibility for the second and third phase of the project, he said.
POSCO is the worlds third-largest steel maker by market value and Asias most profitable steelmaker. It produces some 33.7 million tons of steel products each year. The company ships those products to over 60 countries around the globe.
Earlier, Zaigham Adil Rizvi, Director (Projects) of TSML was of the view that currently Pakistan is among those countries which relied mostly on imports when it comes to heavy mechanical structures and engineering goods.
By producing high-quality steel within Pakistan, we can manufacture such equipment locally by value addition with the help of downstream industries.
South Korea keen to invest in various sectors - thenews.com.pk
