LAHORE, Nov 22: Chief Minister Shahbaz Sharif has said in order to overcome persisting power shortage, the Punjab government will launch 50 megawatt solar energy projects in the province.

He also said the Punjab government would purchase all electricity to be produced in the province by the Independent Power Producers (IPPs) of Hong Kong.

He was addressing a meeting of Independent Power Producers Forum at Hong Kong on Saturday where promotion of mutual cooperation in power generation sector was discussed in detail, according to a handout.

Apprising the meeting of the power production scenario in Punjab, the chief minister said he had informed the Chinese investors during his five-day China visit about the investment prospects in the province.

He also invited the Hong Kong power producers to Punjab to witness for themselves the investment opportunities available in the province and sign Memorandums of Understanding between the two sides.

The handout said the participants evinced keen interest in the newly discovered 235 million metric ton coal reservoirs in Mianwali.

Earlier, the chief minister held a meeting with Asia Capital Market and Merrill Lynch Investment, Hong Kong, Managing Director Soofian Zuberi.

Mr Zuberi briefed the chief minister on the global financial crisis and its impact on different countries, multinationals and especially on the Asian and south Asian economy. He also elaborated the measures being taken to overcome the crisis.

The chief minister informed Mr Zuberi about the priorities of his government to attract foreign investors in infrastructure, power generation, meat processing, dairy development and IT sectors.

Later, the chief minister met the University of Hong Kong Professor John Spinks. The prospects of collaboration between the foreign varsity and the Government College University, Lahore, were also discussed during the meeting. Prof Spinks informed the chief minister that vast opportunities were available to foreign students in various varsities of Hong Kong.