S. Korean investors to set up power plant

Published Aug 07, 2012 08:04pm

ISLAMABAD, Aug 7: South Korean investors on Tuesday expressed interest to establish a 300 megawatt solar power energy generation plant in Balochistan.

The three-member Korean delegation was led by Dr Choi Moon-Sok, Chief Executive Officer of Concentrix Solar, Korea.

Dr Choi Moon-Sok informed Prime Minister Raja Pervez Ashraf that his company, a subsidiary of a German company, was interested to invest in the energy sector and planned to construct a 300 MW solar energy plant near Quetta.

The prime minister welcomed investment in the energy sector and said that Pakistan assigns high importance to the development of renewable energy sources amid acute energy shortages in the country.

He said if electricity can be produced through solar energy at affordable rates, then Pakistan can utilise it to meet its domestic demand as well as its agriculture needs.

The delegation was informed that Pakistan offers investor friendly policies which provide incentives such as 100 per cent equity and 100 per cent repatriation of capital, profits and royalty etc, no sales tax and withholding tax on import machinery along with complete protection of foreign private investment.

The prime minister also expressed hope that the Korean company will construct more solar energy projects in the country.

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