Pakistan, Korea ink MoUs on construction of LNG terminal
Pakistan and Korea on Tuesday inked four Memoranda of Understandings (MoUs) for cooperation in various fields including establishment of a Liquefied Natural Gas terminal, acquisition of used diesel locomotives, cooperation in banking sector and cultural exchanges, Dredging Today reports.
President Asif Ali Zardari witnessed the signing of the agreements here at a local hotel following his meetings with the heads of the respective organizations.
The President who had a number of meetings with the heads of top Korean business houses said Pakistan was an attractive destination for foreign investors as the country's large consumer population promised good profits and lucrative business.
He said a large number of Korean companies were already operating in Pakistan and doing good business. He said other companies can invest in many new areas while the existing ones can expand and diversify their operations.
President Zardari during his meeting with the President and Chief Executive Officer of Samsung C&T said Pakistan needs to augment its energy resources to meet the growing demand of its industrial and domestic requirements.
He said Pakistan was diversifying its energy resources and using hydel, natural gas, solar, nuclear and wind energy to meet its needs. The President said Pakistan was looking forward to import of LNG to meet the demand.
Following the meeting, President Zardari witnessed the inking of an agreement between Samsung C&T and the Board of Investment of Pakistan, under which an off-shore floating LNG Receiving Terminal will be established.
President Zardari in his meeting with President KORAIL Chung Chang-Young said Pakistan desired modern and efficient railways to help meet its growing industrial, agricultural and freight needs. He said the current fleet of Pakistan Railways was unable to meet the needs of a growing nation and there was an urgent need to upgrade it.
President KORAIL assured President Zardari that his company was willing to share its experiences and expertise with Pakistan Railways and help it develop on modern lines.
The President later witnessed the inking of a MoU under which Pakistan will be able to acquire used diesel locomotives and get Korean technical assistance for modernization, maintenance, operation and training of existing ones.
The President also met Governor Bank of Korea Kim Chung-soo and also witnessed signing of a MoU with the State Bank of Pakistan.
Under the MoU the two banks will develop closer cooperation through exchange of information, human resources, technical cooperation, sharing of experiences through seminars, workshops and short-term missions for study.
The two countries also inked a MoU for enhanced cooperation in the field of culture, films, sports and tourism.