A Korean firm named Lotia, which has so far invested around $10 billion in India, is willing to transfer its investment there to Pakistan, Chief Minister Qaim Ali Shah said on Sunday. “Another Korean company, Kosco Company Limited, would invest at least $6 billion in Sindh for the generation of 2,000 megawatts (MW) of electricity using windmill technology by the year 2018,” Shah said at a press conference, flanked by his adviser on investment Zubair Motiwala and other senior officials.
“A memorandum of understanding has been inked between the Sindh government and the Kosko Company Limited,” he added. “As per the agreement, Kosco would generate 200MW electricity in Jhirk and Jhampir of Thatta district in the first phase of two years and the remaining 1,800MW would be produced in the second phase that would complete in the year 2018,” Shah said that his visit to Korea proved to be successful as the investors there were keen to heavily invest in the country, particularly Sindh.
“The investors have shown interest in various sectors including coal, windmill, agriculture, fisheries, livestock and tourism,” he added. Shah said that another Korean group, Posko, has agreed to invest in Sindh. The firm is interested in developing steel mills in partnership with the Sindh government. He said that the foreign investors would be provided with all the incentives, particularly a safe environment.
Zubair Motiwala said that electricity produced through windmill would cost 13 cent per unit and the power produced by coal would be 10 to 11 cent per unit. “Some groups are involved in spreading an anti-Sindh negative propaganda against the vast coal reserves of Thar,” he added.
