Turkish firm to invest $500 million in windmill project

[LahoreEstate]

RECORDER REPORT
KARACHI (March 27 2009): Turkish investors are keen to invest in alternative energy projects and a Turkish company, Zorlu Energi, will invest some $500 million in windmill project, said Fethi Etem, Consul General of Turkey.

Addressing the launching ceremony of advisory service of Escorts Investment Bank Limited of Turkey in Karachi, he said that Zorlu Energi Pakistan Ltd, a Turkish company, had already made $110 million investment in the windmill project and in the first phase five windmills were being installed in Jhimpir (Sindh) with a electricity generation capacity of 6 megawatt each.

He said that at present the Turkish company had obtained license from Alternative Energy Development Board for generating 50 MW electricity and was planing to extend its operation. "Zorlu Energi would expand windmill project up to 300 MW with further investment of some $500 million in the near future", Fethi added.

Consul General of Turkey said that Turkish companies are interested to invest in livestock, engineering, textile, leather, construction and other sectors with an aim to boost the bilateral trade, he said. Although Pakistan and Turkey are the two Muslim countries, but the trade volume is less than the one billion dollar and stood at 740 million dollar, he said, adding with some initiative we can boost it to one billion dollar annually.

Foreign Direct Investment in Turkey was $17.7 billion during the last year, he informed and offered Pakistani businessmen to invest in the Turkey, where a lot of opportunities are available for new business. Rashid Mansur, President and CEO of Escorts Bank, said that bank will provide advisory services to the businessmen of both countries for the mergers and acquisitions, joint ventures, imports, exports, brand promotions, distribution of products and services.

He said that Escorts Banks average return on equity stood at 20 per cent during the last five years and bank has also distributed some 20 per cent dividend. "We have introduced "Merhaba Turkey" country specific corporate advisory services, which help boost the bilateral trade between the two countries, besides opening new avenues of investment", Mansur said.

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