ISLAMABAD - A $5 billion joint venture agreement between Metal Investment Holding Corporation, UAE and Power China E and M International, China to undertake 3x1320 MW (3960MW) coal fired power plants at Port Qasim, Karachi was signed here Tuesday.

The joint venture agreement was signed by Haji Amin Pardesi, Chairman Metal Investment Holding Corporation, UAE and Ms. Zhou Xinwei, GM Finance, Power China E&M International, China. Dr Miftah Ismail, Minister of State (MOS) and Chairman, BOI also witnessed the signing ceremony.

The investment of $5 billion is being injected into the economy of Pakistan and at the same time adding much needed capacity into the National Grid as per present policy of the Government of Pakistan.

Minister of State and Chairman, Board of Investment, Dr. Miftah Ismail speaking on the occasion ensured to extend full assistance and support to the Metal Investment Holding Corporation, UAE and Power China E&M International, China in obtaining all administrative and regulatory approvals, consents and permissions for the development of the project, including acquisition of land for the project and the import of plant and machinery to complete the project well in time.

He highlighted that the present government has identified the energy sector as an engine of growth and has taken a number of initiatives to attract foreign investment for exploration of new energy resources and to make the existing power system efficient.

The hallmark of the new energy policy of Pakistan, he said, is efficiency, transparency, provision of relief to the common man and maximum return to the investor.

The government of Pakistan assured maximum facilitation to investors and is committed to attain maximum returns on their investment, he remarked.

Mifta Ismail said that the bonds of friendship between China and Pakistan were expanding from Free Trade Agreement (2006) to China Pakistan Economic Corridor (2013).

“We have completed many important milestones. Trade has increased many folds”, he remarked. He said “The potential of investment between the two countries is huge and in the years to come, we strongly hope China may become one of the leading investors in Pakistan.”

“I sincerely and strongly hope that this joint venture between Metal Investment Holding Corporation, Power China and Yunnan Railways will further cement the existing friendly relationship between Pakistan and China”, he remarked.

Speaking on the occasion, Haji Amin Pardesi, Chairman, Metal Investment Holding Corporation appreciated the Board of Investment for playing a proactive role from the very onset of this project and has provided the umbrella to forge this understanding between the parties.

This, he said, would also support to fulfill the energy requirements of the country and to further enhance its economic development, encourages the international investors to develop the Project through foreign direct investment (FDI) and international expertise.

Haji Amin Pardesi said project was located at Port Qasim Authority, Karachi. He said that its an Independent Power Producer (IPP) project and was the single largest foreign direct investment ever come to Pakistan.