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Russian investor willing to invest $5.5 bn in Thar Coal

Chairman Board of Investment (BOI), Saleem H Mandviwalla along with Russian investor, Kirsan Ilyumzhinov, owner of Credit Mediteranee, called on President, Asif Ali Zardari on Sunday.

Kirsan is currently visiting Pakistan to explore investment opportunities in the energy sector. Kirsan showed interest in investing a total of $5.5 billion in the Thar coal fields.

Kirsan, being the president of World Chess Federation, requested President Zardari to include chess in school curriculum, for which he ensured to donate books and equipment too. He also desired to organise a world chess championship in Karachi in November this year. He also mentioned his plan about starting a chess academy in Karachi.

The president appreciated the Russian investor and welcomed him to invest in Pakistan’s energy sector. The BOI chairman informed Kirsan that Pakistan offered lucrative investment opportunities, and certain incentives regarding investment had been given in the Thar Coal by the government.

These include 20% IRR to the firms, 30 years exemption on corporate tax, all customs duties on coal mining projects at 0%, exemption for 30 years on withholding tax on procurement of goods and services during project construction etc.

The chairman also told Russian investor that the government of Pakistan was strongly committed to restoring the macroeconomic stability as well as the confidence of investors by evolving a comprehensive and integrated strategy programme to increase productivity and high growth rates.

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