The Korean authority expressed its interest in investing in the construction of two mega billion-dollar hydropower projects including Diamer Bhasha Dam with power generation capacity of 4,500 megawatts (MW) and Neelum-Jhelum hydropower project with 969 MW capacity.
The high-level Korean delegation led by Minister for National Restoration, Republic of South Korea Myung-Pil Shim called on Federal Minister for Water and Power Ch Ahmed Mukhtar here on Monday.
The delegation expressed its keen interest to invest in hydropower and water sector projects in Pakistan and mutual cooperation in various other projects of flood protection and technical assistance in the water sector.
Shim said that Korean companies were already working in different water and power sector projects and more investors were keen to invest here. Korea has expertise in the field of flood mitigation and is interested to share its experience and technical know-how with Pakistan.
He also discussed various issues of mutual cooperation to further enhance economic ties between the two countries. Later, a presentation on Four River Restoration Project was given by the Korean side regarding flood protection and river management.
Mukhtar said that Pakistan had great potential in the hydropower generation and 59,000 MW determined and identified hydel power projects, adding that Pakistan was now focusing on indigenous resources to generate cheap electricity.
The work on a number of hydel power and water storage projects was in progress. The Korean delegation offered to invest in the Neelum-Jhelum hydropower project of 969 MW and Diamer Bhasha Dam project of 4,500 MW. The minister assured that the government would support and facilitate Korean investors and welcome its investment in water and power sector projects.
Earlier, a detailed presentation was given by the Water and Power Development Authority (WAPDA) chairman on the hydel power potential, ongoing and future projects. He said that five hydel power projects of 1,422 MW would be completed within three years while eight hydel projects of 21,015 MW are ready for implementation.
