KARACHI - Sindh Board of Investment (SBI) Chairman Muhammad Zubair Motiwala on Monday appreciated the Korean Expressway Construction Corporation’s joint venture in the Lyari Expressway and Hyderabad-Badin Road projects.
Presiding over a meeting at his office, the SBI chief said that the infrastructure policy for hedging, which had been circulated among all investors in Pakistan, was meant to protect investors at both the federal and provincial levels. “Policies are being formulated and promulgated to improve the existing infrastructure, such as the energy sector, offering huge and attractive incentives to investors.”Earlier, the Korean company’s management gave a detailed presentation to the participants about their corporation.
The KEC, a Korean government entity under the Ministry of Land, Transport & Maritime Affairs, has the current fund size of $2 billion. It is dealing in six core business services, including construction & management, operation & maintenance, research & development, public-private partnership, intelligence transportation system & technical training programme.
The KEC has made 31 MoUs with 31 organisations in 21 countries.
Addressing the meeting, Deokjae CEO Hamid Rasul said that his company and the KEC had recently signed an MoU to be business partners for long time. He said that the Hyderabad-Mirpurkhas Dual Carriageway project was the pilot PPP project and was also first overseas investment case of the KEC. Deokjae & KEC are committed to further joint ventures in Liyari Expressway & Hyderabad- Badin Road projects.
BJ Lee said that because of long term retrieving structure and deep evaluation experience of Pakistani currency, there was always high currency risk faced by investors and without hedge, GIF & KEC or any foreign investor might not be able to easily invest in Pakistani projects so the KEC requested that the Sindh government might help in PKR/USD hedging which was the only obstacle in huge foreign investment.
Kim Jong In, Jung woo Lee, Yoo Sung Bae of the KEC and Jaffer Naqvi, Hamid Rasul, Kim Kyu Nam, S Farrukh Raza and Khalid Sheikh of the Deokjae attended the meeting.