South Korean Electronics giant the Samsung will manufacture most of its products in Pakistan in collaboration with its Pakistani partner WAKTECH, Chairman of WAKTECH Senator Waqar Ahmad Khan told Business Recorder during an exclusive interview.

He said initial Memorandum of Understanding between WAKTECH and Samsung was signed in Seoul last month. He said the major plant of Samsung-WAKTECH is being constructed in Lahore.

The foundation-stone of this plant was laid on 16th of this month and it will be completed by February 2017 for the serial production of all the major products of Samsung that obviously include Samsung smart phones and their variants, LEDs , Music Houses, Digital Cameras for major television houses and for private sales.

Senator Waqar Ahmad Khan said Pakistan will be second after China to manufacture all the major products of Samsung under the franchise which WAKTECH has already acquired. He said the Samsung will further enter into a research and development agreement with WAKTECH.

"We will acquire complete technology from Samsung in accordance with the MoU we have initialed with Samsung," Senator Waqar Ahmad Khan stated. "Our group will also establish Pakistan's biggest oil refinery for which we are negotiating with South Korea, China and some other countries," he added.

He said Samsung offers a wide range of products, including smartphones, personal computers, printers, cameras, home appliances, medical devices, semiconductors and LED solutions, the company's Pakistani management is focusing specifically on the television segment by introducing the latest plasma TVs, LED TVs, home theatres and other home appliances.

Senator Waqar Khan said there are around 550 dealers of Samsung smart phones in Pakistan who normally distribute Samsung of China. "We will have complete technology from South Korea and market our products in Pakistan and export them to the Middle East countries."

Waqar Khan said Samsung-WAKTECH will introduce new versions of Split Air conditioners which will be cost effective and energy saver. He said a wrong notion was created in a section of Press in Pakistan that Samsung was reluctant to invest in Pakistan.

He said Vice President of Samsung Koo Choi came to Lahore to participate in ground breaking ceremony of Samsung-WAKTECH plant. He expressed the hope that the plant will be operational by February next year.