AJK Prime Minister seeks investment in hydropower projects

[LahoreEstate]

AJK Prime Minister seeks investment in hydropower projects
ISHFAQULLAH SHAWL
ISLAMABAD (March 08 2009): Prime Minister of Azad Jammu Kashmir Sardar Muhammad Yaqoob Khan on Saturday urged foreign and Pakistani investors to invest in highly profitable projects of hydro-power generation, as AJK has the potential of over 15,000 megawatt hydro power generation capacity.

"The feasibility and PC1s of different projects of over 5594 megawatt hydro power generation are pending in AJK and if launched these will help end power crisis in Pakistan and reinvigorate industry and agriculture," the AJK Premier said while talking to Business Recorder exclusively here.

He said that Pakistan was facing a shortfall of about 4000 megawatt electricity, which has badly affected the industrial and agriculture sectors and damaged the economy. "If Pakistani investors will invest in this sector, it will help country not only run the stuck-up industrial wheels but also help eradicate poverty, unemployment and economic disorders," he added.

Azad Kashmir is completely safe and secure for investors, as the law and order situation and public approach is conducive for investment, Sardar Yaqoob said, adding that during his visit to Karachi he had talked to FPCCI, KCCI and Memon Foundation officials and invited them for investment in AJK. There is no terrorism and extremism in AJK and the government will provide complete guarantee to investors, he said.

"I told them if they want to open the closed industries (sick units) and make the farms green they have to invest in AJK hydro power generation and utilise every drop of water for development and prosperity of Pakistan and AJK." He said that the business community of Pakistan has shown keen interest in investment in AJK and it will open new vistas of industrialisation and agricultural development not only in AJK but in Pakistan as well.

He said that the potential of 5594MW was pointed out by survey, which includes 2468 MW in Muzaffarabad, 1369 MW in Mirpur, 231 MW in Poonch, 645.4 MW in Kotli, 338.85 MW in Bagh and 541 MW in Neelum districts of AJK. At present AJK is generating just 37.65 megawatt electricity by six smaller projects, though it needs 400 MW, he said.

Work on eight smaller hydro power generation projects is in progress that includes 3 megawatt Sharda, 3.2 megawatt Sharian, 1.7 megawatt Dhanan, 4.8 megawatt Batter, 0.6 megawatt Hallan, 0.6 megawatt Rangarr, 0.32 megawatt Halmatt and 3 megawatt Qadirabad power projects.

He said that feasibility study of four projects of 63.80 MW hydropower generation has been completed and will be kicked off soon. These projects include 43.5 MW Kuttan Jagran-II, 14.4 MW Jheng, 3.2 MW Rerra and 3 MW Hajeera.

"A three-member ministerial committee headed by Finance Minister Chaudhry Lateef Akbar will submit report on delay in various power generation projects," Sardar Yaqoob said, adding that the committee was asked to submit report in 15 days.

Tourism in another potential sector, in which investment will give huge returns, he said. He asked the business community to invest in this sector by constructing hotels, motels and rest houses.

He said that road infrastructure has improved in AJK and the distance of different major cities of AJK with Islamabad is just 1.30 hours to 2.5 hours. He said that various projects are in pipeline in tourism sector in AJK which include artificial lakes.

Sardar Yaqoob said that AJK government has signed an agreement for development of three international cities in Muzaffarabad, Bagh and Rawlakot with $353 million. He said that under this plan modern city development projects were launched in Muzaffarabad and other two cities.

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