KOREA DELEGATION VISIT

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Registration form  Post Delegation Visit Report June 21-2011                        www.koreanembassy-pakistan.org

Post Visit Report


               The Chief Minister Sindh led a delegation of Sindh Board of Investment (SBI) to participate in the Korea Overseas Investment Fair-2011. The Chief Minister was flanked by Mr. Muhammad Zubair Motiwala, Advisor to CM on Investment, senior Government functionaries and leading businessmen. SBI had set up a pavilion along with 32 other countries which included France, Switzerland, India, Thailand, Japan and many others. The investment fair was visited by delegates of various countries who showed great interest in the energy sector, infrastructure development and other prominent sectors of the provincial economy.

               The Chief Minister Sindh was invited as the Guest of Honour to the Symposium on attracting foreign investment. Speakers from Korea Trade and Investment Promotion Agency (KOTRA), World Bank Multilateral Investment Agency (MIGA) and UNCTAD gave detailed presentations on the subject.

               Later, the Chief Minister inaugurated the Korea Overseas Investment Fair-2011 along with 12 other dignitaries from various countries. He also gave a speech on the occasion informing about commitment of Government of Sindh for promoting investment in Sindh.

               Overall it was a successful trip and some major achievements were made in terms of trade and investment. The Honourable Chief Minister’s presence gave the necessary confidence and reassurance to the Korean Government Agencies, businessmen and prospective investors. Breakthrough have been achieved in the Energy, Coal Field Development, Infrastructure and Mass Transit System.  

               The Sindh investment conference seoul 2011 was chaired by Honourable Chief Minister at Korean Chamber of Commerce and Industry where 60 major Korean business houses interacted with our public and private sector representative to invest in Pakistan. He also held a meeting with the President of Korea Chamber of Commerce & Industry to enhance trade and investment in the province of Sindh. 40 Korean companies participated who had successful interaction with Pakistani businessmen.

               An MoU was signed between Investment Department Government of Sindh and Korean Importers Association in order to boost export from the province of Sindh. Mr. Mohammad Younus Dagha, Secretary Investment signed the MoU on behalf of Government of Sindh while the Korean Importers Association was represented by their Chairman. The ceremony was witnessed by Honourable Chief Minister Sindh Syed Qaim Ali Shah

              Successful B2B session were arranged by Korean Importers Association (KOIMA) and Embassy of Pakistan in Korea. Leading businessmen from Pakistan accompanying the Chief Minister had fruitful B2B meetings with their Korean counterparts who showed great interest in Pakistani goods and have agreed to come to Karachi towards the end of this year.

              MoU with KOIMA will enable opening of Korean market for Pakistani goods as the present level of trade is in favor of Korea. Speaking at the KOIMA session, Advisor to Chief Minister Sindh Mr. Muhammad Zubair Motiwala said that Pakistan producers abundant raw material but due to lack of modern technology, it has not been able to achieve efficiencies in its production stage. He invited the Korean companies to come forward to transfer technology and share their advancement with their Pakistani brothers.

               In order to overcome energy crisis, an MoU was signed with Korean Southern Power Company (KOSPO) which is one of the six public sector power generation company. They will establish Wind Power projects of 2000 MW in Gharo Keti Bandar wind corridor. MOU was signed by Mr. Mohammad Younus Dagha, Secretary Investment and CEO of KOSPO. An understanding has been reached with Hyundai Heavy Industry for setting up Wind Turbine facility in Pakistan.

             Private sector also has had a successful visit in terms of business. Al-Tuwairqi Steel Mills is in advance stage for a joint venture with POSCO which is the 3rd largest steel manufacturing company in the world. POSCO has been invited to setup their wholly owned steel manufacturing in Pakistan. Lotte Group which has already invested in PTA plant in Pakistan who have  assured to jack up their investment by adding another USD 500 mn to double their existing plant capacity showing confidence in the present Governments investment friendly policies.

            Discussions have been held with Air Korea for having direct flights of PIA from Pakistan to South Korea. Successful meeting have been held with Ministry of Land Transport and Korea Rail for developing Mass Transit System initially for Karachi and then replicating it to rest of the province.

             SBI also held a country specific seminar along the side lines of Korea Overseas Investment Fair.  Mr. Mohammad Younus Dagha, Secretary Investment in his presentation highlighted the Wind Energy sector, Mass Transit, Infrastructure Development of Karachi Education City and Marble City which are cbeing very enthusiastically pursued by Sindh Board of Investment.

             Secretary Coal gave detailed presentation to the Korean Businessmen and invited them to join hands in the developing the Thar Coal reserves which can rid the country of its economic woes.

             Considering the Korean expertise in Aquaulture and processing, Secretary Fisheries presented investment opportunities that are being offered by the Government of Sindh for technology transfer and investment in the Fisheries and Livestock sectors.

             Director General PPP Unit gave a presentation on various projects that are being offered by the Government of Sindh under Public Private Partnership mode of investment.

             H.E. Mr. Shaukat Mukadam in his address urged the Korean businessmen that his office would facilitate all such initiative by Korean businessmen for investing in Pakistan.

             Likewise, H.E. Mr. Choongji Ambassador of Korea to Pakistan very graciously accompanied the Pakistani delegation, urged the Korean businessmen that Pakistan is the most opportune destination for Korean investment and his mission would ensure all possible support to intending Korean businesses looking forward to venturing into Pakistan.

             Mr.  Muhammad Zubair Motiwalla, Advisor to Chief Minister Sindh in his address to the Korean businessmen read out the Chief Minister’s message that Government of Sindh, in principle, has agreed to offer an exclusive enclave to Korean entrepreneurs to setup their business in a dedicated Special Economic Zone offering tax incentive and exemption. He informed that such SEZ would offer domestic environment to prospective Korean investors.

             The seminar concluded with enthusiastic response from Korean businessmen for setting up industries in such zones which would include renewable energy, recycling industry and manufacturing plants.