Ambassador of South Korea to Pakistan Choong Joo Choi called on the Pakistan Water and Power Development Authority (Wapda) Chairman Syed Raghib Abbas Shah here at Wapda House on Friday and discussed the water and hydropower sectors related matter with him.
Speaking on the occasion, the Chairman said that Wapda is implementing a comprehensive plan for optimal utilisation of the water and hydropower resources in view of increasing needs of water and electricity in the country. Apprising the Ambassador of more than 20 projects with cumulative power generation capacity of 20,000 low-cost electricity and water storage capacity of about 12 million acre feet, he said that these projects offer excellent investment opportunities to the foreign as well as local firms because of their high rate of returns.
Referring to the two Memoranda of Understanding (MoU) signed among Korean firms, Khyber Pakhtunkhwa and Wapda in December last year for developing the 496MW-Lower Spat Gah Hydropower Project and the 665MW-Lower Palas Valley Hydropower Project in public private partnership mode, the Chairman said that Korean financial institutions and construction companies will also be facilitated in accordance with the laws to join other projects in water and hydropower sectors.
He expressed the hope that the level of cooperation among Korean firms and Wapda will be further enhanced in the days to come. The Korean Ambassador, expressing interest in various Wapda projects, said that his country is keen to support Pakistan in developing the water and hydropower resources. He further said that South Korea is interested to capitalise on the opportunities available in the two sectors in Pakistan for mutual benefit.