Power generation from Thar coal: Chinese company keen to invest $15 billion

The Chinese largest private sector company, Kingho Group, has shown interest to invest $ 15 billion in power generation sector from Thar coal. "It would be the highest ever foreign investment from any single country in the history of Pakistan," Zubair Motiwala, Advisor to the Sindh Chief Minister on Investment, announced at 'Diplomatic and Foreign Investment Award 2010' ceremony here on Saturday.
The ceremony on 'The role of foreign investors and diplomats in the economic development of Pakistan' was organised by Diplomatic Call International.
Zubair said that the Kingho Group's proposed power generation project from Thar coal would have capacity to produce 10,000 mw electricity by year 2020.
He said that the present government has devised a business-friendly investment policy to attract more foreign investors in various sectors of the economy. "Sindh province is the most resilient and attractive investment destination for international and local investors", he said, adding that Karachi, having large agricultural, industrial and aqua culture base as well as emerging opportunities in energy sector, provides the province with unmatched competitive advantage to attract investment.
In order to capitalise on this competitive advantage, he said, Sindh Board of Investment (SBI) has been established to strengthen business-friendly environment in the province with efficient mechanisms of governance to enhance comfort level of the investors by acting as a bridge between the government and the business community.
Engr M A Jabbar, a former chairman of Site Association of Industry (SAI), said that diplomats are playing an important role for bringing foreign investment and they are contributing in the economic development of Pakistan. "There is a reason to encourage investors and sensitise diplomats to play their role in considering and promoting Pakistan as the appropriate place for more investments due to ample opportunities including strategic location to enhance business in various sectors especially in IT, health and housing projects", he said.
Abdul Qadir Patel, MNA and chairman of NA Standing Committee on Interior, said that the government is determined to protect life, property and investment of the foreign investors and their investments are fully protected under the law.
Muhammad Farooq Afzal, Chairman of Pak-Russia Business Council, said that foreign investors have been playing a pivotal role in the economic development of Pakistan. They are also providing strong support to social development sector as they are making huge grants to improve human and social indicators.
He said that the objectives of the award ceremony were to give confidence to foreign investors by recognising the role of multinational companies, to recognise the role of foreign diplomats in the development of Pakistan, to build a softer image of Pakistan and to provide a platform to the government and private sector to discuss issues related to foreign investment.
Shahid Jawed Qureshi, President of Pakistan-Malaysia Friendship Association; Muhammad Asif Haroon, General Secretary of Diplomatic Forum, and others also spoke on the occasion.
Later awards were given to top 25 companies who invested more in Pakistan last five years. The winner companies included Bank Al Falah, Barclays Bank plc, Byco Petroleum Pakistan, BP Pakistan Exploration and Production, Coca Cola Beverages Pakistan, ENI Pakistan, Habib Metropolitan Bank, Karachi Electric Supply Company, Lakson Tobacco Company, Makro Habib Pakistan, Metro Cash and Carry Pakistan, NIB Bank, Pak Oman Investment Company, Pak Brunei Investment Company, Pak China Investment Company, Pakistan Mobile Communications Limited, Premier Oil Pakistan Holdings B V, Faisal Bank, Shell Development and Offshore BV, Standard Chartered Bank, Telenor Pakistan, Tethyan Copper Company Pakistan, Tetra Pak Pakistan, Uch Power and Warid Telecom.
In the award winner consuls general, Platinum Trade and Investment Award conferred to the Consuls General of USA, UK, UAE and the Netherlands. Diamond Trade and Investment Award was conferred on the consuls general of Malaysia, China and Switzerland. Gold Trade and Investment Award conferred to Japan, Germany, Kuwait and Oman while the Diplomatic Relation Trade and Investment Award was conferred on consuls general of Iran, France, Turkey, Bangladesh, Korea, Qatar, Saudi Arabia, Bahrain, Sri Lanka, Russian Federation, Thailand, Afghanistan, Italy, Vietnam and Indonesia.