Minister of State for the Board of Investment (BOI) Dr Mifta Ismail on Monday said there was no restriction on taking profit in the form of foreign currency and capital movement from Pakistan.
He made these remarks during a meeting with Wang Hui, Asst General Marketing Sinosure, and Zhou, Deputy Financial Officer, Norinco International, and their delegation from China.
He further said that the Government of Pakistan had never defaulted on its payments and was quite conscious that never such a situation arises.
The minister said that Norinco International was already very active in Pakistan in various sectors, and now it was going to enter the power sector, including the wind power.
Mifta said that China was Pakistan’s brother, adding, “We will facilitate it as much as possible.”
He further said that many companies wanted to set up wind power plants in Pakistan, but we would be obliged if China took the lead.
Wang told the minister about Sinosure and its financial support to various ongoing projects in Pakistan.
He discussed the terms and conditions and things like tariff, environment protection law, tax exemptions, movement of capital and foreign currency regarding setting up a wind power plant in Pakistan.
The minister assured the delegation that once the agreement was signed with Norinco International, it would be backed by the government of Pakistan.
The assurance was also given that once the agreement was signed on the current rate/unit which is 10.20 cents (reduced from 13.25 cents), it would be fixed for the next 20 years for the company.
Whether the tariff increases or decreases during the course of time, it would be applicable on future agreements/contracts only; not on the one which has already been signed at the given rate. The Nation Pak