PowerChina eyes investment in Punjab’s energy sector

According to Business Recorder, PowerChina has signalled interest in putting money into Punjab's energy sector, including possible projects within the province's Special Economic Zones. The signal came during talks in Lahore between Chaudhry Shafay Hussain, the provincial minister for industries and commerce, and a PowerChina delegation at PESSI House on Davis Road.

PowerChina's South Asia Region director, Yao Chen Yang, told the meeting that the group had put millions of dollars into several sectors of the Pakistani economy and was also working on the Diamer-Bhasha Dam. He added that the firm wanted to invest in energy within Punjab's SEZs. Chaudhry Shafay said the zones were drawing domestic and foreign investors, noting that Chinese and other international firms had already put billions of dollars into the province.

The minister said the provincial government is planning small hydropower schemes on canals throughout Punjab and invited PowerChina to explore them. He also pointed to potential in electric vehicles and energy, and added that SEZ-based investors would enjoy a 10-year income tax exemption, along with a one-time facility to import machinery duty-free. Officials from the Punjab Industrial Estates Development and Management Company attended, and PowerChina's local partner, Kamak Group CEO Muhammad Arsalan Khan, accompanied the delegation.