LAHORE - South Korean government and business community have explored Pakistan as potential economic hub, willing to invest in different sectors, particularly steel, which offers huge growth opportunities spurred by government’s investment-friendly policies.

This was stated by the Ambassador of South Korea, Choong Joo Choi, during his visit to Tuwairqi Steel Mills Limited (TSML).

Terming steel as vital for economic development of any country, he said that TSML will serve as a catalyst for industrial growth in Pakistan. “South Korean steel giant POSCO has so far invested $15 million in the project. Owing to the strategic geographical location of Pakistan, in central and south Asia, this joint venture appears to be vital initiative in the global business operations of POSCO,” he said.

He said that scores of South Korean companies are operating in energy, petrochemical and infrastructure industries, while many more have plans to invest in future, provided law and order situation improves in Pakistan. He further informed that around 10,000 workers from Pakistan are currently serving in Korea.

Young-Ho Yoo, the Resident Director of POSCO said that the new plant is now on the verge of completion and is expected to commence operations by the end of the second half of the current year. “After completion of the first phase, we are looking forward to examine the feasibility for the second and third phase of the project, as its forward and backward integration,” he remarked.