Federal Minister for Commerce Jam Kamal Khan met a delegation of Korea South-East Power Company (KOEN) at the Minister’s Office to discuss the company’s proposed investment in Pakistan’s hydropower sector and matters relating to its two projects in Swat.
The delegation was led by KOEN Chief Executive Officer Mr. Kim Min Young and included Mr. Jang Sungkyu, Deputy Chief Executive Officer; Mr. Javid Rashid Chaudhary, Chief Operating Officer; Mr. Asim Javed, Director Finance; and Mr. Shahid Javid, General Manager Project Development.
Mr. Asim Javed, Director Finance, gave a detailed presentation to the Federal Minister on KOEN’s investment profile in Pakistan, progress on its projects, financing arrangements, regulatory approvals and support required from relevant authorities.
The delegation informed the Minister that KOEN, a state-owned power company of the Republic of Korea, has been investing in Pakistan’s energy sector since 2011. KOEN successfully completed the 102 MW Gulpur Hydropower Project in March 2020 and subsequently initiated two hydropower projects under the Power Generation Policy 2015: the 229 MW Asrit Kedam Hydropower Project and the 238 MW Kalam Asrit Hydropower Project in Swat.
The delegation stated that major project-related studies and approvals have been completed, including feasibility studies, environmental approvals, land-related processes, IRSA consent and grid-interconnection studies. It was further shared that approximately USD 1 billion in debt and equity financing has been arranged, while around USD 25 million has already been spent on project studies and development activities.
The KOEN delegation highlighted concerns regarding the pending tariff determination, inclusion of the projects in the draft Indicative Generation Capacity Expansion Plan (IGCEP) 2025–35, and the need for clarity regarding the future implementation of the projects.
The delegation noted that the projects could contribute to clean-energy generation, employment opportunities, local development and increased economic activity in Swat. It added that the company remains committed to Pakistan and is willing to align its commercial plans with the Government’s future energy requirements.
Federal Minister Jam Kamal Khan appreciated KOEN’s continued interest in Pakistan and its confidence in the country’s long-term investment potential.
The Minister said that Pakistan values its economic relationship with the Republic of Korea and welcomes foreign investment in renewable energy, sustainable infrastructure, technology, logistics and other priority sectors.
“Pakistan needs a stable, transparent and investor-friendly environment to attract long-term foreign investment. Clear communication and effective coordination among institutions are important for strengthening investor confidence,” the Minister said.
The Minister assured the delegation that the concerned federal ministries, departments and relevant authorities would be engaged to facilitate coordinated consideration of KOEN’s concerns.
He said the Government remains committed to supporting credible foreign investors and would extend all possible assistance within the applicable legal, regulatory and policy framework to help bring clarity to the company’s proposed projects.
He further noted that Pakistan is reviewing its energy requirements in light of existing capacity conditions; however, future opportunities are expected to emerge in green energy, industrial development, data centres and other growing sectors. He assured KOEN that the Ministry of Commerce would continue to support constructive engagement between the company and relevant stakeholders.
The KOEN delegation thanked the Federal Minister for receiving them at his office and expressed hope that continued engagement with the Government of Pakistan would help provide clarity and facilitate progress on the proposed hydropower projects.
