Punjab Industries Minister Shafay Hussain emphasized the need to enhance bilateral economic cooperation between Pakistan and South Korea, despite existing trade cooperation.
Speaking at the Korea-Pakistan Business Forum 2024 organized by the Korean Embassy in Pakistan, Mr. Shafay highlighted the potential for new foreign investment to bolster the economy and create job opportunities.
In attendance were South Korean Ambassador Park Kajin and representatives from the business communities of both countries.
Mr. Shafay proposed the idea of establishing an electric vehicle manufacturing plant in Punjab as a means to improve the investment climate.
He underscored the favorable conditions for investment in Punjab’s Special Economic Zones, including a 10-year income tax exemption and duty-free importation of machinery for initial setup.
Additionally, he mentioned the establishment of six business facilitation centers in major cities, with plans for five more centers in the pipeline.
Furthermore, he noted the development of a new policy for industrial zones.
Mr. Hussain highlighted ongoing discussions with China, the UK, and other foreign entities regarding the local manufacturing of solar panels in Pakistan.
He also mentioned the shift towards solar energy in the industrial sector, which would lead to more affordable electricity.
