At the Dubai Foreign Expo 2020, the government of Khyber Pakhtunkhwa (KP) signed memorandums of understanding (MoUs) with 44 international investment enterprises.
Fresh deals are projected to contribute an overall investment of more than $8 billion in various sectors after the necessary formalities are completed. Several Pakistanis living in the United Arab Emirates were drawn to KP because of its integrated tourism zones, water sports in the Hund region of Swabi district, energy and power, food processing, cattle, and infrastructure.
The Kuwait-based Enertech-Kuwait Investment Authority (KIA) would invest $120 million in the installation of a hydrogen power plant under the provisions of the MoUs, according to an official release.
It will use water to generate hydrogen, which will be carried in containers and used to generate energy. Furthermore, KIA has inked another MoU for a $2700 million investment in Khanpur’s long-term development.
The Lower Spath Gah project will get $1,200 million from the Korea Hydro and Nuclear Power Company. (This company’s subsidiary is the Korea Electric Power Corporation.)
The Dubai-based Sheikh Ahmed Bin Dalmook Al Maktoum Private Office One Person Company LLC proposes to invest $165 million on the Swat transmission line, and the Saudi Arabia-based Samara Group has promised to invest $100 million in a food manufacturing firm.
The SE Alpine Group, a private company, has pledged to invest $150 million in a public-private partnership to create a ski resort near Kalam. China’s Gezhouba Group Corporation has agreed to invest $250 million on a transmission line in Lower Dir, connecting Chitral and Chakdara.
Zonergy, a private enterprise, committed $300 million on the solarization of government buildings in the province as well as the development of a PV manufacturing factory.
According to the release, the Karachi-based Al Raee Group of Companies would participate in the tourism sector, with plans to invest $10 million in a four-star resort in Bahrain’s Swat.
SC Alpine Resort Private and Parties has signed a $200 million memorandum of understanding to build a ski resort in Kalam. Tulip Hotels has pledged to invest $90 million in the creation of solar parks, while the Virtual Smart System has pledged to invest $50 million.
KP’s Minister for Finance, Taimur Saleem Jhagra, declared at the expo’s MoU signing ceremonies that the provincial government is also replicating the UEA model to encourage foreign tourism in the province. He further stated that the projects have already been prepared for presentation at the expo, adding that the tourist sector in KP has a lot of room for investment.
The minister emphasised the importance of integrated tourism zones in promoting tourism in KP, which is the only province to have built the country’s first freeway (motorway) connecting Swat to the rest of the country through a public-private partnership.
Additional Chief Secretary Shahab Ali Shah, speaking at the event, indicated that the government is ready to assist investors in any manner possible and to provide them with a single point of contact as well as other associated services.
To read our blog on “KPK Govt. intends to establish purpose-built IT parks,” click here.
