Sindh Governor Dr Isharatul Ebad Khan has said that the British companies would invest over $2 billion in various mega projects in Karachi. Speaking at a press conference at Governor House here on Monday, he said it would be initial investment of these foreign companies while expansion of these projects would increase the investment to around $15-17 billion in next few years.
A delegation led by Sindh Governor Dr Ishratul Ebad Khan and comprising Federal Minister for Ports and Shipping Babar Khan Ghori, Senior Minister Sindh Pir Mazharul Haq, provincial ministers Raza Haroon, Dr Sagheer and Faisal Sabzwari, Chairmen KPT and PQA, head of Karachi Water and Sewerage Board and others paid a 10-day visit to the UK to showcase investment potential here. Pakistani High Commissioner to UK Wajid Shamsul Hasan also attended various meetings with the delegation.
He said that the delegation visited London, Scotland, Glasgow, Bradford and other cities and held meetings with British investors, business groups and political, social and religious leaders. "The aim of this visit was to attract foreign investment in energy, water desalination and solid waste management and higher education sectors", he said.
He pointed out that during a reception in Glasgow Council four memorandums of understanding (MoUs) were signed by Port Qasim Authority (PQA), Karachi Port Trust (KPT), Karachi Metropolitan Corporation (KMC) and Karachi Water and Sewerage Board (KWSB) with UK companies.
According to this MoU, the British companies would invest around $775 million in a water supply project to supply 97 million gallon clean water per day to Karachi. Another MoU was signed to supply 12.5 million gallon clean water to Karachi with the total investment of $85 million. Under another MoU signed between KPT and UK companies, around $100 million would be invested for the treatment of 60 million gallon waste water per day. Another MoU was signed between KMC and British companies under which the KMC would be provided a comprehensive study over the waste management.
He said that two MoUs were signed between Mehran University of Science and Technology and NED University of Engineering and Technology with one of the top British universities to promote science and technology. During the visit, the Governor Sindh spoke at a round table programme on "Business and Investment in Pakistan" at Bradford. The objective of this programme was to showcase the investment potential in Pakistan to attract more foreign investment in education, health, energy, IT, technology, dairy and livestock sectors in Sindh.
The Sindh Governor Dr Ishratul Ebad Khan also met with MQM chief Altaf Hussain in London and briefed about his visit to UK. Speaking on the occasion, Federal Minister for Ports and Shipping Babar Ghori said it was a very positive sign that foreign companies were ready to invest here in Pakistan, especially in Sindh and Karachi. "It was the first effort at government level to attract foreign investment in the province and the visiting delegation had achieved its objectives successfully", he added. He pointed out that his ministry has attracted highest foreign investment in the country.
Senior Minister Sindh Pir Mazharul Haq said this joint visit of two major coalition partners in Sindh government proveed that there was a political will to work together. He pointed out that before passage of 18th amendment it was not possible to sign such MoUs at international level, however now the provinces have been empowered to negotiate with foreign companies. This credit goes to the present elected democratic government, he added.
"Energy is our third top priority after employment and education", he said and added that the visiting delegation has signed MoUs with foreign companies to initiate alternate energy projects, including wind and solar energy. He said an MoU singed between Pakistani and UK universities the subjects of renewable and alternate energy would be taught at Mehran University and NED University.
Provincial minister Raza Haroon said that it was first high powered delegation from Sindh that visited UK to attract foreign investment at a time when perception was negative. The Governor Sindh Dr Ishratul Ebad were optimistic that more foreign investment would come in the country as there is huge potential to invest here. He pointed out that the visit changed the perception of foreign investors and they were ready to invest in various sectors here.
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