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German company to set up 50MW solar energy project   

ISLAMABAD (APP) (January 28 2010): AZUR Energy Group of Germany would set up a 50 Mega Watt Solar project in Pakistan and a feasibility report in this regard has already been formulated. This was told by a German Energy Group delegation during the visit of Board of Investment (BOI) here on Wednesday.

The delegation also called on Minister of State and Chairman BOI Saleem H Mandviwala and discussed investment opportunities in various sectors of economy including the Energy sector in Pakistan.

The head of the delegation told the Minister that his company has decided to set up 50 MW Solar energy project in Pakistan.

He added that in this regard his company has already conducted a survey for the execution of this project in Pakistan.

The Chairman of AZUR Energy Group of Germany said that his company has already prepared a feasibility report and a ground survey is being conducted at Multan and Bahawalpur areas and negotiations for the acquiring of land for the project is also in progress.

He said that in the next step the AZUR Energy Group of Germany would bring solar energy technology in Pakistan. Speaking on the occasion, Saleem H Mandviwala said that Pakistan is an ideal location for investment in various sectors including the energy sector.

He said that Pakistan has adopted a liberal investor friendly policy, broad features of which include, proactive facilitation and guarantees of equal treatment of both local and foreign investors, easy tariff structures and a liberal regime on repatriation of profits.
The Minister also welcomed the German delegation and appreciated them to show their interest in Pakistan.

He highlighted the policy parameters of investment in Pakistan.

While stressing so he underlined the policy which allows 100pc foreign equity in the major sectors and full repatriation of profits and dividends in all the sectors.

It was further explained that the average rate of return is almost 30pc and in some cases up to 50pc.

A detail presentation on investment opportunities available in Pakistan was also made.

Saleem H Mandviwala also informed the delegation that currently Pakistan is facing power and energy shortage.

This area provides a prime opportunity for German investors to look into.

The delegates were also briefed about the working of Board of Investment being the policy maker and an apex government agency for the promotion of investment and a solution finder for foreign investors.

It is the first forum where the investor interacts, plays the leading role in facilitating the projects with other Ministries by adopting proactive approach BOI markets the opportunities in various sectors of economy to the outside world.

The delegation shown their keen interest in the infrastructure, power and energy sector.

Saleem H Mandviwala assured the German solar energy company that government would fully facilitate and cooperate with them in the establishment of their project.

Courtesy: The NATION;


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