Metal Investment Holding Corporation, UAE and Power China E and M International, China signed a $5 billion Joint Venture Agreement on Wednesday to undertake 3×1320 MW (3960 MW) coal fired power plants at Port Qasim, Karachi.
The Joint Venture Agreement was signed by Metal Investment Holding Corporation, UAE Chairman Haji Amin Pardesi and Power China E&M International, China GM Finance Zhou Xinwei.
Minister of State and BOI Chairman Dr Miftah Ismail was present at the signing ceremony.
The project, while adding much needed capacity to the national grid will also add $5 billion to the economy.
Speaking on the occasion, Minister of State and Board of Investment Chairman Dr Miftah Ismail assured to extend full assistance and support to the Metal Investment Holding Corporation, UAE and Power China E&M International, China in obtaining all administrative and regulatory approvals, consents and permissions for the development of the project, including acquisition of land for the project and the import of plant and machinery to complete the project in time.
He said that the present government had identified the energy sector as an engine of growth and had taken a number of initiatives to attract foreign investment for exploration of new energy resources and to make the existing power system more efficient.
The hallmark of the new energy policy of Pakistan, he said, is efficiency, transparency, provision of relief to the common man and maximum return to the investor.
The government of Pakistan is ensuring maximum facilitation of the investors and is committed to offering them the opportunity to get maximum returns on their investment, he said.
Ismail said that the bonds of friendship between China and Pakistan are expanding from Free Trade Agreement (2006) to China Pakistan Economic Corridor (2013).
“We have completed many important milestones. Trade has increased many-fold”, he said.
“The potential of investment between the two countries is huge and in the years to come, we strongly hope that China may become one of the leading investors in Pakistan,” Ismail said.
“I sincerely and strongly hope that this joint venture will further cement the existing friendly relationship between Pakistan and China”, he added.
Speaking on the occasion Metal Investment Holding Corporation Chairman Haji Amin Pardesi praised the Board of Investment for playing a proactive role from the very onset of this project and for providing the umbrella to forge this understanding between the parties.
This, he said, would also be useful in fulfilling the energy requirements of the country and to further enhance its economic development.