Islamabad, 23 May 2024 (TDI): The Ambassador of the Republic of Korea, Park Ki Jun called on the Federal Minister for Industries and Production. A delegation from leading South Korean companies also accompanied the Ambassador.
The Federal Minister for Industries and Production, Rana Tanveer Hussain welcomed the ambassador and his delegation. The Federal Minister stated that Pakistan and the Republic of Korea enjoy historical and cordial relations.
Both countries are engaged in multifaceted bilateral cooperation in many areas including in the field of economics and culture.
The matters of mutual interest, including bilateral cooperation and the challenges faced by Korean companies in Pakistan also came under discussion. The Federal Minister assured the visiting delegation of prompt resolution of all pending matters.
The Federal Minister apprised the visiting Ambassador that the government has taken several steps to boost industrial activities in the country.
He said that the Government has announced the Automotive Industry Development and Export Plan (AIDEP 21-26) under which several incentives have been offered for investment in the automobile sector.
As a result of this policy, 13 new manufacturers have started local assembling of renowned automobile brands in Pakistan.
Rana Tanveer Hussain informed the delegation that the government is focusing on the establishment of Industrial Parks / Special Economic Zones to promote industrial activity.
Besides existing NIP projects, BoI has further identified 27 sites for the establishment of an Industrial park alongside CPEC. The incentives available to industry include income tax holidays for 10 years and duty-free import of capital goods.
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The Ambassador of the Republic of Korea said that Korean companies are interested in investing in Pakistan. He further desired to explore new investment opportunities in the country.
Furthermore, He emphasized to search for new avenues of bilateral cooperation and further strengthening economic and cultural ties between Pakistan and the Republic of Korea.
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