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Wind energy accord with S. Korea

May 22, 2011

KARACHI, May 22: Sindh Chief Minister Syed Qaim Ali Shah has said the government is paying full attention to overcome power shortage by developing alternative energy projects. Besides planning an hydroelectric power project of 120 megawatts near the Sukkur Barrage, a memorandum of understanding (MoU) was signed with the Korea Southern Power Company (KOSPO) to establish wind power projects of 2,000 megawatts in the Gharo-Keti Bandar wind corridor, where a 200-megawatt power project would be made operational by 2014 and the entire project of 2,000 megawatts would be operational by 2018, the chief minister said while addressing a press conference at the Chief Minister’s House on Sunday.

The chief minister had returned from South Korea after leading a Sindh Board of Investment delegation to the Korean Overseas Investment Fair-2011.He said that the delegation comprising 20 businessmen and eight government officials, succeeded in achieving a breakthrough as South Koreans would invest in the energy sector, coal field development and infrastructure development, including a mass transit system in Karachi for which the Korea Rail had agreed and soon their delegation would arrive on a visit to explore further possibilities for investment.

Mr Shah, who was flanked by Finance Minister Syed Murad Ali Shah and his Adviser on Investment Mohammad Zubair Motiwala, secretary for the Board of Investment Younus Daga and others, said that the Hyundai Heavy Industry had agreed to set up a wind turbine in Pakistan while the Al-Tuwairqi Steel Mills was in an advanced stage for a joint venture with Posco, the 3rd largest steel manufacturing company in the world.

Posco was offered a partnership in the Pakistan Steel or set up its own steel manufacturing plant in Pakistan.

The Lotte Group which had invested in the PTA plant had assured that it would increase its investment up to $500 million, the chief minister added.

He said a memorandum of understanding was also signed between the investment department of the Sindh government and the Korean Importers Association which would enable opening up of the Korean market for Pakistani goods, including fruit — mangos and dates.

The Korean entrepreneurs were also offered to set up businesses in a special economic zone with tax incentives and exemptions for setting up industries of renewable energy, recycling industry and manufacturing plants.