Monday, October 19, 2009

Italy to provide $10bn credit line ! Korean companies to Invest in Pakistan !

Pakistan has raised eyebrows again. Even with terrorism concerns the 7th largest country in the world brings in more foreign investment from Asia and Italy !

Italian government has agreed to provide a credit line equivalent to $10 billion for Italian investors willing to invest in Pakistan.

This was stated by the chairman, Board of Investment (BoI), Saleem H Mandviwalla, at a press conference here on Saturday.

BoI chairman, who accompanied President Asif Ali Zardari during his recent official visit to Italy, said talks with Italian Embassy for materialising this credit line have now been initiated.

He expressed the hope that the fund would be ready in the next six months.

He said that this credit line has been promised by the Italian Prime Minister, Silvio Berlusconi, in response to the request of President Asif Ali Zardari during a bilateral meeting in Rome.

Mandviwalla said this request was well received by the Italian premier and Mr Berlusconi also promised that he would bring a large delegation of leading Italian investors to Pakistan.

He hoped that this fund will help boost Italian investment in Pakistan in a big way.

The BoI chairman said that leading Italian companies have shown keen interest in having joint ventures in Pakistan during a meeting with the President of Pakistan.

He pointed out that Pakistan-Italy Chamber would be established in the next two years.

Talking of his meetings with leading South Korean firms, including Daewoo, Hyundai, LOTTE and K Water, he said they are keen to invest in Pakistan.

The chief executive of LOTTE has indicated that his company was willing to invest at least $10 billion in Pakistan by way of acquisitions in the next five years.

They have already purchased Pak PTA and planning to invest another $300 million to acquire food and raw material companies in Pakistan, he added.

Similarly, the BoI chairman said that K Water was willing to construct dams in Pakistan and Korean Electric Power Company was interested in power generation and distribution in Pakistan.

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