ISLAMABAD, July 14: The Swiss-based ‘Credit Mediterranee’, owned by Russian business tycoon Kirsan Ilyumzhinov, has shown interest in making investment of $5.5 billion in Thar coal fields.

Currently visiting Pakistan, Ilyumzhinov met President Asif Zardari here on Saturday and announced his plan for investment in the Thar coal project.

The president thanked Ilyumzhinov for his interest in the energy sector of Pakistan. Chairman of Board of Investment, Saleem H. Mandviwalla informed Ilyumzhinov that Pakistan offers lucrative investment opportunities and certain incentives have been allowed in the Thar coal by the government.

The incentives include 20 per cent internal rate of return to the firms, thirty years exemption on corporate tax, all customs duties on coal mining projects at zero percentage, and exemption for thirty years on withholding tax on procurement of goods and services during project construction.

Mandviwalla also informed the Russian investor that the government is strongly committed to restoring macroeconomic stability as well was the confidence of investors by evolving a comprehensive and integrated strategy programme to increase productivity and high growth rates.

Ilyumzhinov, who is also the President of World Chess Federation, proposed to President Zardari to include chess as part of school curriculum and pledged to donate books and equipment for this purpose. He said he plans to hold a world chess championship in Karachi in November this year, and launch a chess academy in the city.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.