Key areas of interest for the firm in the energy sector are wind power, bio-energy and other renewable energy sources. PHOTO: FILE
ISLAMABAD: Joonwoo Choi, Samsung C&T Corporation general manager, called on Special Assistant to Prime Minister and Board of Investment (BOI) Chairman Dr Miftah Ismail and BOI Acting Secretary Imran Afzal Cheema to discuss new investment prospects in Pakistan.
Joonwoo Choi apprised the meeting about his company’s expertise, and its interest in investing in Malakand Tunnel’s construction as well.
Meanwhile, in a bid to provide cheap transport, BOI Honorary Investment Councillor Feroz Shah said that the company may also be asked to make automobile rickshaws more fuel efficient. For the purpose, Samsung could manufacture electric batteries as an alternative fuel source for CNG rickshaws. The same kind is already operating in Manila with the technology manufactured by the company.
He further said that Samsung’s Trading and Investment Group also desires to participate in the field of energy and environment, which are likely to serve as drivers for the future growth of Pakistan. The key areas of interest are wind power, bio-energy and other renewable energy sources.
Ismail highlighted Pakistan’s power crisis and said that the current demand of the country is 19,000 MW, while supply is between 14,000-15,000. Pakistan needs aggressive investors to cover the gap, he emphasised.
“Renewable energy may also be another source to bridge the gap between demand and supply,” he added.
Ismail mentioned the available investment incentives in Pakistan, including the 100% equity and 100% repatriation of capital, profits, royalty allowed, no sales tax and withholding tax on import of machinery, and complete protection on investment to the local and foreign investors.
The Chairman BOI also invited Samsung C&T to open a liaison office in Pakistan.
Published in The Express Tribune, January 24th, 2014.
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Ismail highlighted Pakistan’s power crisis and said that the current demand of the country is 19,000 MW, while supply is between 14,000-15,000. The current demand in real terms would me much more than 19,000 MW's. It is the figure when the people are putting a tap and restraining themselves in use of AC's, other electrical appliances. Similarly Industry is working on 40-60 percent capacity. The demand figure of 19,000 MW is flawed, the government should not make it some sort of benchmark figure.
The vibes given by Samsung seem emblem for growth in Pakistani Industry. If the investment will materialize, other foreign investors will also be attracted to inject FDI over here.