Pak discusses bilateral ties with Korean delegates

Islamabad: The Korean delegation comprising of Sambu Construction Co and Korean Midland Power Company (KOMIPO) called on the Secretary, Ministry of Investment, Ashraf Hayat.

Secretary welcomed the delegation and discussed bilateral economic relations between the two countries and appreciated the Korean company's interest for investment in development of Taunsa Barrage Hydropower Project (120MW) on BOOT basis.

The Country Director of Sambu Construction Co Ltd mentioned that their company is in Pakistan for the last 15 years and is committed to bring more foreign investment in Pakistan in various projects.

He also mentioned that their delegation is expected to meet the Prime Minister of Pakistan. He thanked Secretary, MoI for arranging their meetings with Managing Director, PPIB, and Secretary, Irrigation Punjab.

He also mentioned that Koreans Sambu Construction Co Ltd. Korea Midland Power Company Limited (KOMIPO) and Korea Electric Power Corporation (KEPCO) are interested to construct Taunsa Barrage Hydropower Project (120MW) on BOOT basis with 100 percent financing USD 300 million.

However, they are open for equity participation by Wapda. The required formalities to start the projects would require 6 months and project would be completed in 3-3 1/2 years. The project feasibility prepared by Wapda would be updated by Koreans in a period of 6 months.

Secretary, Ministry of Investment assured every support and facilitation to the Korean companies and urged them to invest in hydel, coal, thermal and wind for power generation.