Industries Minister Meets Korean Envoy, Discusses Bilateral Cooperation

ISLAMABAD, (UrduPoint / Pakistan Point News - 22nd May, 2024) Federal Minister for Industries and Production Rana Tanveer Hussain on Wednesday met with the Ambassador of the Republic of Korea, Park Ki Jun to discuss the bilateral cooperation.

The delegation from leading South Korean companies also accompanied the ambassador, said a news release issued here.

The minister said that both countries enjoyed historical and cordial relations and engaged in multifaceted bilateral cooperation in many areas including in the field of economic and culture.

The matters of mutual interest, including bilateral cooperation and the challenges faced by Korean companies in Pakistan also came under discussion.

The minister assured the visiting delegation for prompt resolution of all pending matters.

Rana Tanvir apprised the visiting ambassador that the government had taken a number of steps to boost up industrial activities in the country.

He said that government had announced Automotive Industry Development and Export Plan (AIDEP 21-26) under which a number of incentives had been offered for investment in automobile sector.

As a result of this policy, 13 new manufacturers have started local assembling of renowned automobile brands in Pakistan.

He informed the delegation that the government was focusing on the establishment of Industrial Parks/ Special Economic Zones to promote the industrial activity.

Besides existing NIP projects, board of Investment (BoI) has further identified 27 sites for establishment of Industrial park alongside China Pakistan Economic Corridor (CPEC).

The incentives available to industry include income tax holidays for 10 years and duty-free import of capital goods.

The ambassador said that Korean companies were interested in investing in Pakistan.

He further desired to explore new investment opportunities in the country.

He also emphasized to search new avenues of bilateral cooperation and further strengthen economic and cultural ties between the two countries.