ISLAMABAD: A joint venture between two companies from China and the United Arab Emirates will make an investment of $5 billion in Pakistan’s energy sector for setting up three coal-fired power plants, with a combined output of 3,960MW, at Port Qasim.

The agreement between UAE’s Metal Investment Holding Corporation and Power China E&M International was signed at the Board of Investment (BoI) on Tuesday.

Metal Investment Holding Corporation Chairman Haji Amin Pardesi and Finance Power China E&M International GM Zhou Xinwei signed the agreement in the presence of BoI Chairman Miftah Ismail.

Speaking on the occasion, the BoI chairman assured the two companies of complete support for the project’s completion.

He said BoI will assist them in obtaining all administrative and regulatory approvals, consents and permissions for the development of the project, including acquisition of land and the import of plant and machinery.

Mr Ismail said the present government has identified 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.

Hoping that China would become a leading investor in Pakistan, he stressed on the huge potential for investment between the two countries. On the occasion, Mr Pardesi appreciated BoI for playing a proactive role from the inception of the project.

Published in Dawn, December 16th, 2015