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Sunday, May 19, 2024

KP government signs MoUs with 44 foreign companies at Dubai expo

At the Dubai International Expo-2020, the government of Khyber Pakhtunkhwa signed memorandums of understanding (MoUs) with 44 international investment businesses, resulting in a total investment of more than $8 billion in various sectors.

Integrated tourism zones, water sports in the Hund region of Swabi district, energy and power, food processing, cattle, and infrastructure all piqued foreign investors’ interest. According to an official statement made here on Sunday, the investors included several Pakistanis located in the United Arab Emirates.

The Kuwait-based Enertech-Kuwait Investment Authority (KIA) will invest $120 million in the installation of a hydrogen power plant under the terms of the MoUs. The company will generate hydrogen from water, which will be transported through containers and used to generate energy. KIA has inked another MoU for a $2700 million investment in Khanpur’s sustainable development.

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Another significant milestone is the investment of $1200 million by the Korea Hydro and Nuclear Power Company in the Lower Spath Gah project. Korea Electric Power Corporation is a subsidiary of the firm.

What does the MoU consist of?

Finance Minister Taimur Saleem Jhagra, speaking at the expo’s MoU signing ceremonies, said the KP government was also duplicating the UEA model to increase foreign tourism in the province. He stated that the projects had already been prepared for presentation at the expo. KP, he said, had a lot of room for investment in the tourism sector.

The minister said that objective of the integrated tourism zones was to bring international tourism to the province. He said that KP was the only province in Pakistan that built the country’s first motorway to Swat through public-private partnership.

Speaking on the occasion, Additional Chief Secretary Shahab Ali Shah said that the government was ready to provide all possible support to the investors. He said that only those projects had been showcased in the expo whose feasibility reports had been completed and were ready for investment.

He said that investors could make investments in the tourism sector, power and energy, agriculture and livestock. He said that the government was ready to provide one-window and other allied facilities to the investors.

Mr Shah said that the Bank of Khyber would launch its own mobile App through which UAE-based Pakistani workers and investors could open their bank accounts. He said that BOK would canalise remittances through that App.

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Can UAE help towards the betterment of Pakistan?

According to the statement, the Private Office of Sheikh Ahmed Dalmook-Al-Maktoum would invest $165 million in the Swat transmission line. Similarly, Samara Group agreed to make $100 million investment in a food processing unit.

SE Alpine Group, a private company, would invest $150 million to build ski resort in Kalam through a public-private partnership. Similarly, Gezhouba Group Corporation would invest $250 million in transmission line from Chitral to Chakdara, Lower Dir.

Another private firm Zonergy made $300 million investment for solarisation of government buildings across the province and the establishment of PV manufacturing facility in the province.

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The statement said that Al Raee Group of Companies would invest in the tourism sector. The firm would establish a four-star resort at Bahrain in Swat with a cost of $10 million.