S. Korean group to invest in power sector

ISLAMABAD: The Lotte Group of South Korea, considered as eighth-largest conglomerate of Korea, has expressed interest in making investment in infrastructure, power and energy sector, as well as financial services, chemicals, electronic product and fast-food chains in Pakistan.

A 15-member delegation from the group, led by Min Han Kim, held talks with chairman, Board of Investment, and Minister of State Mohammad Saleem H Mandviwalla and other senior officials of the board in Islamabad on Wednesday.

Inviting the Korean group, Mr Mandviwalla stated that Pakistan was facing power and energy shortages, and this is an important area which provides prime opportunity to Korean investors to make investment in Pakistan.

Moreover, infrastructure and oil and gas were also potential sectors for Koreans, he said.

A detailed presentation on investment opportunities available in Pakistan was given to members of the Lotte Group.

The Korean delegation expressed interest to locate specific sectors for Korean investment, like joint venture investment in infra-structure, power, thermal and energy sectors.

The PTA plant of ICI has been purchased by the Lotte Group and its name changed into Pakistan-PTA Ltd. It is the largest foreign direct investment of about $500 million in the country’s petro-chemical industry as well.

The delegation was briefed about the working of the Board of Investment being the policy-maker and an apex government agency for promotion of investment and a solution finder for foreign investors.