KARACHI: South Korean government and business community have explored Pakistan as potential economic hub, willing to invest in different sectors, particularly steel, which offers huge growth opportunities spurred by government's investment-friendly policies.

This was stated by the Ambassador of South Korea, Choong Joo Choi, during his visit to Tuwairqi Steel Mills Limited (TSML), says a statement issued here on Friday.

Terming steel as vital for economic development of any country, he said that TSML will serve as a catalyst for industrial growth in Pakistan.

The statement further pointed out that the South Korean steel giant POSCO, has so far invested US$ 15 million in the project, and contemplating to invest more.

Owing to the strategic geographical location of Pakistan, in central and south Asia, this joint venture appears to be vital initiative in the global business operations of POSCO, he said.

He said, that scores of South Korean companies are operating in energy, petrochemical and infrastructure industries, while many more have plans to invest in future, provided law and order situation improves in Pakistan.

He further informed that around 10,000 workers from Pakistan are currently serving in Korea.

Young-Ho Yoo, the Resident Director of POSCO, said that the new plant is now on the verge of completion and is expected to commence operations by the end of the second half of the current year.

Earlier, Zaigham Adil Rizvi, Director (Projects), TSML, gave a detailed presentation about the project and shared statistics about the global steel industry.

Tuwairqi Steel Mills Limited (TSML) is Pakistan's first private sector integrated environment-friendly steel manufacturing project of Al Tuwairqi Holding, the statement added.