South Korean steel giant POSCO has expressed interest in investing significantly in Pakistan in 2012 while other Korean companies in India have also planned to open offices here.

Mr In Ki Lee consul general of South Korea in Karachi, during a visit to the Federation of Pakistan Chambers of Commerce and Industry head office, said that "This is indicative of the fact that Pakistan holds massive potential for foreign investment."

Pakistan's Ambassador to South Korea Mr Shaukat Mukaddam was also present on the occasion.

Mr Lee suggested that FPCCI should send a strong delegation to the Korean Expo in Seoul in May and August 2012, which would provide a great opportunity to introduce Pakistani products to the Korean market.

He expressed interest in the idea of exploring joint ventures in seafood, leather processing and rice and particularly mentioned Korean investment in wind power projects and infrastructure in Pakistan.

Mr Tariq Sayeed VP of Confederation of Asia Pacific Chamber of Commerce and Industry suggested holding bi annual meetings of the Pak Korea Joint Business Council in Pakistan and South Korea to make the council a more active forum.

He stressed the importance of attracting investment in Pakistan in the form of joint ventures and dispelled fears of foreign investors about law and order, saying the situation on the ground was much better than the perception.

Mr Sayeed floated the idea of organizing single country exhibitions and frequent exchange of delegations to develop trade relations further.

Ambassador Mr Shaukat Mukaddam called for expanding trade between the two countries from USD 1.4 billion to USD 3 billion over the next three to four years.

(Sourced from The Express Tribune)