Korean investors show interest in investment in KP potential sectors

PESHAWAR: South Korean investors are showing keen interest in investment in various potential sectors of Khyber Pakhtunkhwa and in this connection, the Korean Ambassador in Islamabad, Sung-Kyu Kwak along with entrepreneurs spent a busy day here Friday. Korean Honorary Consul General, Afan Aziz also accompanied the Ambassador.

The South Korean delegation during their visit to the provincial metropolis held meetings with KP Senior Minister and Minister for Tourism, Atif Khan, Finance Minister Taimur Saleem Jhagra and Minister for Communication and Works, Akbar Ayub Khan and discussed matters of mutual interests, particularly investment in energy, transportation, water & sanitation and rural development.

The team also met secretary energy and power Zahir Ali Shah, and secretary planning and development Zahir Shah. During meetings with the Korean delegation briefed the provincial ministers on various projects either already completed or in progress in the province by the private sector of Korea, private sector and as well as upcoming provinces in Khyber Pakhtunkhwa.

The provincial ministers were asked to prepare proposals for projects in transportation, water & sanitation and rural and urban development for their initiating under Korean grant.

The delegation also offered conducting two-week visits of delegation comprising of 15 to 20 government officials to Korea for capacity building for three consecutive years.

During meeting with Senior Minister the Korean delegation also discussed upcoming energy sector projects including 545 MW Kaigah Hydropower Project, 215 MW Asrit-Kedam Hydropower Project, 197MW Kalam-Asrit Hydropower Project and 496 MW Low-Spat Valley Hydropower Project and progress on them under the auspices of various Korean companies.

The senior minister assured full cooperation to the delegation in the implementation of the projects. In connections with litigation in 215MW Asrit-Kedam Hydropower project in Swat, which is owned by (KOSEP), a Korean company, the senior minister assured full support and said that after clearance from the court, the company will be given go ahead for the completion of the project while 496MW Low-Spat Valley Hydropower project in KP, Kohistan will retrieved from WAPDA to hand it over to the Lotte E&C.

The Korean Ambassador also agreed with a proposal of the Senior Minister Atif Khan for the spending of the Corporate Social Responsibility (CSR) funds on the promotion of tourism.

To a request of the minister for provision of grants for the rehabilitation of the Buddhist Stupa and provision of long-term technical assistance in the restoration of the historic relics, the Korean Ambassador proposed preparation of proposals to present it to the Ministry Incharge for the purpose.