PR No.103 Islamabad: March 14, 2016
Minister of State for Board of Investment Dr. Mifta Imail met with Wang Hui (Asst General Marketing Sinosure) and Zhou (Deputy Financial Officer, Norinco International) and their delegation from China today.
Minister of State welcomed the delegation and said that Norinco International is already very active in Pakistan in various sectors and now they are going to enter in Power Generation sector (Wind Power) as well. He also said that China is our brother and we will facilitate them as much as possible in every regard. He further added that many companies want to set up wind power plants here but we will be obliged if China takes the lead.
Mr. Wang told the minister about Sinosure and its financial support to various ongoing projects in Pakistan. And discussed the terms of condition and other things like tariff, environment protection law, tax exemptions, movement of capital and foreign currency etc regarding setting up a wind power plant here.
Minister of State assured them that once the agreement is signed with Norinco International, it would be backed by government of Pakistan with the approval of President of Pakistan. And once the agreement is signed on a current rate/unit which is 10.20 cents (reduced from 13.25 cents) it would be fixed for next 20 years for the company. Whether the tariff increase or decrease during the course of time it would be implemented on future agreements/contracts only, not on the one which has already been signed on the given rate. He further added that the Government of Pakistan has never defaulted on its payments and is quite conscious of this fact to make payments on time. Moreover he said that there is no restriction on taking out the profit in the form of foreign currency and capital movement from Pakistan.
In the end, Minister of State again thanked the delegation and assured them that their investment would be safe here and it would be a win-win situation for both the countries.