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Czech entrepreneur to invest $2.5 billion in energy sector in Thar coal project: Zakaria Usman

Islamabad, May 23, 2014 (PPI-OT): Zakaria Usman, President FPCCI stated that the profitable friendly foreign investment policy of the government attracted the foreign investors in different sectors particularly in energy sector. The government has also initiated sincere efforts to resolve the issue of energy crises in Pakistan for which many projects have been started including coal energy project in Gadani, Thar etc.

The President FPCCI further briefed that during their visit to Poland and Czech Republic with a high profile trade delegation under his leadership, they met a European Consortium led by a reputable Pakistan origin Czech entrepreneur in Czech Republic who showed interest to invest $2.5 billion in Thar coal project in Pakistan.

The President FPCCI further stated that Pakistan and Czech Republic have trade and economic cooperation in various fields, which could be further strengthened to its true potential by improving investment and business relations between the two countries.

In addition to the foreign investment in energy sector, the President FPCCI told that some local investors are also interested in energy sector for which government should devise a mechanism for the local power producers and investors and allocate them specific area for distribution of electricity particularly in the rural areas. In this way huge amounts of subsidy on account of electricity price to the poor consumer will be diminished by creating local healthy competition and reduced prices will ultimately alleviate power crises and benefit the people.

Mr. Khurram Sayeed; Vice President FPCCI who accompanied the President in the meeting with the EU entrepreneurs stated that earlier the same consortium had made offer for investment for the same purpose but due to no response and non-cooperation by the Pakistani officials; they refrained from doing the investment. Now; after presentation by the FPCCI; they have again agreed to visit Pakistan in June to seriously review the situation and sign the necessary MOU’s with relevant Government agencies.

The President FPCCI further stated that over 60 years have passed and now the government and the private sector; together should sincerely come forward and exonerate all economic issues. He said that the government has to make the system and avoid adhocism so that corruption, misdeclaration and tax evasion should be removed and a healthy business environment can be developed by new industrialization and enhancement of bilateral trade.

For more information, contact:
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Karachi-75600, Pakistan
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332
Email: info@fpcci.com.pk
URL: www.fpcci.com.pk

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