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Resolving energy crisis: Minister woos Koreans to invest in power projects

Minister of State for Water and Power Chaudhry Abid Sher Ali said that six sites have been identified where projects such as the 2,200 MW Karachi Coastal Power Project could be set up.

While addressing the Korea-South Asia Power Forum, Ali said the Karachi Coastal Power Project will be completed with the help of foreign investment.

The minister marked the forum as a timely initiative taken by Korea ‘to bring business and investment in the power sector of Pakistan’. In the forum, 24 leading Korean power sector companies participated.

“Korea is Pakistan’s leading hydropower development partner and its companies are taking a deep interest in various projects,” said Ali.

“It is the top priority of our government to ensure safety and security to all our investors and provide other relevant facilities. We are taking various measures in the short and long run to address the energy issues permanently. These measures include construction of small and big dams and exploration of hydel, solar and wind power.”

Meanwhile, Korean Ambassador Dr Song Jong-Hwan added that the country’s companies were working on hydropower projects in Pakistan. “Korean companies K-water, Sambu E&C, KOSEP, Hyundai Engineering and Daewoo E&C are working intensively on hydropower projects that will produce 1,500 MW and will cost an estimated $3 billion,” said the ambassador.

“Korea strongly supports and stands with Pakistan in its efforts of economic revival and resolving the energy crisis.”

Ali stated that Pakistan has been facing an unprecedented energy crisis since the last few years, which has adversely affected its economy and people .Elaborating on the government’s measures, Ali spoke about payments of outstanding dues to power generation companies, establishing special energy parks, new hydropower projects commencement and formulating a new power policy.

Muhammad Zubair, chairman of the Board of Investment, further explained the government’s new investment policy and assured the delegates that their investment will be protected in all aspects and fast track facilities will be offered regarding security, companies’ registration and consular affairs.

The forum was organised as a celebration of the 30th anniversary of the Embassy of Republic of Korea and Korea Trade and Investment Agency.

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