ISLAMABAD-A Korean Trade & Investment delegation headed by Mr. Huh, CEO of KP Chemicals along with Shin Un, Ambassador of Korea visited Board of Investment and called on Mr. Saleem H. Mandviwalla, Minister of State / Chairman, Board of Investment and Mr. Tariq Iqbal Puri, Secretary, Ministry of Investment / BOI today to discuss with them the investment opportunities available in Pakistan. The meeting was also attended by senior officials of Federal Board of Revenue.

The Chairman, Board of Investment welcomed the Korean delegation and appreciated the Korean companies and businessmen in Pakistan. He highlighted the policy parameters of investment in Pakistan. While stressing so he underlined the policy which allows 100% foreign equity in the major sectors and full repatriation of profits and dividends in all the sectors. It was further explained that the average rate of return is almost 30% and in some cases up to 50%. The delegation was informed that Special Economic Zone (SEZ) are being set up with attractive incentive package. The enactment of the Zone policy is being approved by the Government.

The same could be offered to Korean Companies on the pattern of Chinese and Japanese Economic Zones. Mr. Tariq Iqbal Puri, Secretary, Ministry of Investment (BOI) appreciated the delegation for commitment to bring Korean delegation to Pakistan in future and further strengthening a strong link between Pakistan and Korea. He assured to extend all possible assistance required to them. In addition to above, the Secretary elaborated about the incentives, tax exemptions being offered in the economic zones. Korean companies can relocate their business to these Zones and can enter into Joint Venture with Pakistani companies.

These could be used as a platform for outsourcing as well. KP Chemical Corp, Korea (the second largest in Korea) a petrochemical company which has steadily grown ever since becoming a member of The Lotte Group on November 10, 2004. More than 90% of their products are exported throughout the world. The delegation appreciated the hospitality extended to them during their visit in Pakistan. They expressed their interest to invest in the chemical, fruit processing especially mangoes & oranges, cool chains projects etc.

They are also looking for a strategic investment partners in Pakistan. However, they have shown their security concern in Pakistan. Secretary, Ministry of Investment/BOI proposed that BOI has some projects relating to fruit processing which can be offered to them. Furthermore, the delegation was informed about the huge potential available in transportation of fruits if they can bring in the technology for increasing the shelf life of perishable items. Lotte Group was welcomed if they can send a delegation to Pakistan who is interested to explore this huge potential. Pakistan Kinnow is the world second best after Australia. Focal persons were nominated from the Korean delegation and BOI to further strengthen the contacts. Mr. Saleem H. Mandviwalla, Minister of State / Chairman, Board of Investment and Mr. Tariq Iqbal Puri, Secretary, Ministry of Investment (BOI) in the end thanked the members of the delegation for visiting Pakistan.