A Joint Venture Agreement between Metal Investment Holding Corporation, UAE and Power China E&M International, China to undertake 3×1320 MW Coal Fired Power Plants at Port Qasim, Karachi has signed today at Board of Investment, Islamabad in the presence of Dr. Miftah Ismail, MOS/Chairman, BOI.
The investment of US$ 5 billion is being injected into the economy of Pakistan and at the same time adding much needed capacity into the National Grid as per present policy of the Government of Pakistan.
Haji Amin Pardesi, Chairman, Metal Investment Holding Corporation appreciated the Board of Investment for playing a proactive role from the very onset of this project and has provided the umbrella to forge this understanding between the parties. This will also support to fulfill the energy requirements of the country and to further enhance its economic development, encourages the international investors to develop the Project through foreign direct investment (FDI) and international expertise.
The Joint Venture Agreement was signed by Haji Amin Pardesi, Chairman Metal Investment Holding Corporation, UAE and Ms. Zhou Xinwei, GM Finance, Power China E&M International, China.
Minister of State/Chairman, Board of Investment, Dr. Miftah Ismail ensure to extend full assistance and support to theMetal 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 well in time.
He further highlighted that the present government has identified the energy sector as an engine of growth and has taken a number of initiatives to attract foreign investment for exploration of new energy resources and to make the existing power system efficient.
The hallmark of the new energy policy of Pakistan is efficiency, transparency, provision of relief to the common man and maximum return to the investor. Government of Pakistan assured maximum facilitation to investors and is committed to attain maximum returns on their investment.
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 folds.
The potential of investment between the two countries is huge and in the years to come, we strongly hope China may become one of the leading investors in Pakistan.
I sincerely and strongly hope that this Joint Venture between Metal Investment Holding Corporation, Power China and Yunnan Railways will further cement the existing friendly relationship between Pakistan and China.
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