ISLAMABAD: Minister for Commerce Jam Kamal Khan met a delegation of Korea South-East Power Company (KOEN) to discuss proposed investment in the hydropower sector and ongoing matters related to two projects in Swat, a statement said on Wednesday.
The delegation was led by KOEN Chief Executive Officer Kim Min Young and included Deputy Chief Executive Officer Jang Sungkyu, Chief Operating Officer Javid Rashid Chaudhary, Director Finance Asim Javed, and General Manager Project Development Shahid Javid.
Director Finance Asim Javed briefed the minister on KOEN’s investment portfolio in Pakistan, progress on ongoing projects, financing arrangements, regulatory approvals and areas requiring support from relevant authorities.
The delegation said KOEN, a state-owned power company of the Republic of Korea, has been investing in Pakistan’s energy sector since 2011. It noted that the company completed the 102-megawatt Gulpur Hydropower Project in March 2020 and subsequently launched two hydropower projects under the Power Generation Policy 2015: the 229MW Asrit Kedam Hydropower Project and the 238MW Kalam Asrit Hydropower Project in Swat.
It added that key project-related requirements, including feasibility studies, environmental approvals, land acquisition processes, IRSA consent and grid interconnection studies, have largely been completed.
The delegation further said that around $1 billion in debt and equity financing had been arranged, while approximately $25 million had already been spent on studies and development work.
However, it raised concerns over pending tariff determination, the inclusion of the projects in the draft Indicative Generation Capacity Expansion Plan (IGCEP) 2025-35, and the need for clarity on future implementation timelines.
It said the projects have the potential to support clean energy generation, job creation, local development and broader economic activity in Swat, adding that KOEN remained committed to Pakistan and willing to align its commercial plans with the government’s future energy requirements.
The minister appreciated KOEN’s continued interest in Pakistan and its confidence in the country’s investment potential.He said Pakistan values its economic relationship with the Republic of Korea and welcomed foreign investment in renewable energy, sustainable infrastructure, technology and logistics.
The minister assured the delegation that relevant federal ministries and departments will be engaged to address KOEN’s concerns in a coordinated manner.He added that Pakistan is reviewing its energy requirements in light of existing capacity constraints, while future opportunities were expected in green energy, industrial development and data centres.
KOEN’s delegation thanked the minister for meeting them and expressed hope that continued engagement will help clarify outstanding issues and facilitate progress on the proposed hydropower projects. clean energy generation, job creation, local development and broader economic activity in Swat, adding that KOEN remained committed to Pakistan and willing to align its commercial plans with the government’s future energy requirements.
The minister appreciated KOEN’s continued interest in Pakistan and its confidence in the country’s investment potential.He said Pakistan values its economic relationship with the Republic of Korea and welcomed foreign investment in renewable energy, sustainable infrastructure, technology and logistics.
The minister assured the delegation that relevant federal ministries and departments will be engaged to address KOEN’s concerns in a coordinated manner.He added that Pakistan is reviewing its energy requirements in light of existing capacity constraints, while future opportunities were expected in green energy, industrial development and data centres.
KOEN’s delegation thanked the minister for meeting them and expressed hope that continued engagement will help clarify outstanding issues and facilitate progress on the proposed hydropower projects.
