KARACHI. Dec 31: South Korea s Daewoo Corp will sign a deal Monday to build a 400 million dollar industrial complex here, Industries Minister Sheikh Rashid said, now that Pakistan has removed obstacles to the deal, says AFP.

"We have accepted Daewoo's request for spreading out payment for 500 acres of land at Port Bin Qasim (Karachi's second harbour) over the next ten years which has cleared the way for the signing of an agreement,' Rashid told AFP.

The package of 23 industrial units proposed to be set up for exporting mostly to Latin American, Asian and the Gulf countries, would Include

garment, chemical, textiles, toys and automobile spare parts plants," he said.

Industry sources said some of these plants would be set up a joint ventures with local or overseas Pakistani investors holding at least 40 per cent equity.

A high-powered Daewoo delegation will go to Islamabad for the signing of the agreement and company officials said the ground breaking ceremony could follow soon after.

Pakistan's Industries Minister said so far foreign firms have invested 646 million dollar in the country