ISLAMABAD - Dr Miftah Ismail said on Monday that South Korea is one of the major countries which invested in Pakistan and the present government believes that a strong economy will lead the nation on the path of progress and prosperity.
“Given Pakistan’s pivotal geographical position in a fast-growing region and sustainable comparative cost advantages in key sectors, Pakistan offers many investment opportunities in all sectors of economy”, Special Assistant to Prime Minister/Chairman Board of Investment (BOI) told a South Korean delegation which called on him here on Monday.
The delegation included HA, SUK JOO (Vice president of LOTTEE&C), KIM, CHANG KWON (CEO of LOTTE Asset Development Company), LIM BYUNG YUN (Head of international new business division in LOTTE group) and SHIN SANG JOON (Manager of LOTTE Asset Development Company).They discussed with Chairman BOI the investment opportunities in Pakistan.
Dr. Miftah Ismail talking to the delegation said the aim of the government is to transform Pakistan into a regional hub of commerce, trade and investment by establishing an Economic and Trade Corridor by linking Gwadar seaport with Kashgar in China Twenty (20) major South Korean companies have their permanent establishment in Pakistan, which includes Sambu, Hyundai, LG, Lotte (E&C), Samsung etc.
Lotte Group is comprised more than 60 affiliates in the world, including, KP Chemical Corporation, Lotte Confectionery Co., Ltd., Lotte Chilsung Co., Ltd. and Lotte Engineering and Construction Co., Ltd. in a variety of businesses in many countries, including, Pakistan, Japan, Europe and the United States of America. Lotte has expanded itself in diverse fields like food, retail, tourism/services, petrochemical/construction/manufacturing, finance and R&D.
It is ranked 5th among the Korean Business Groups based on assets. Maintaining a stable financial structure in net assets and debt ratio. Lotte has maintained an annual average sales growth of 16% and an operating profit of 15% for the past 10 years. Sales in 2013 (estimated) stood at 90,300 billion Korean won (KRW) and Operating profit stood at 4,800 billion KRW and Lotte’s plans to achieve 200 trillion Korean won in sales by 2018.