Punjab industries minister for boosting trade with South Korea

LAHORE: Punjab Industries Minister Shafay Hussain says Pakistan has trade cooperation with South Korea, but there is a need to increase bilateral economic cooperation.

“New foreign investment will improve the economy and increase employment opportunities in the country,” said Mr Shafay while speaking at a Korea-Pakistan Business Forum 2024 organised by the Korean Embassy in Pakistan.

South Korean Ambassador Park Kajin and the business community of Pakistan and Korea attended the forum. The minister stressed the importance of improving the environment and suggested that Korea consider setting up an electric vehicle manufacturing plant in Punjab.

The minister said investments in the Special Economic Zones of Punjab were exempted from income tax for 10 years while there was a facility to import duty-free machinery for the first time. He said six business facilitation centres had been established in major cities of Punjab and added that five more facilitation centres were being planned. He said a new policy regarding industrial zones was being prepared.

Mr Hussain said there had been beneficial discussions with China, the UK, and other foreign companies regarding the manufacturing of solar panels in Pakistan. He said work had also been started on shifting the industry to solar energy, which would provide cheaper electricity.