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Korean firm plans to invest $500m in green energy project in Dhabeji economic zone

By Our Correspondent
September 21, 2023

KARACHI: Korea-based MMC People has expressed interest in establishing a hybrid (solar and wind) power project of 250MW based on Korea’s Hydrogen Fuel Cell Power Generation System (KHFCPG) in the Dhabeji Special Economic Zone (DSEZ).

MMC People CEO HeeJong Yoo expressed his commitment to invest in untapped opportunities in Sindh, and proposed the establishment of the hybrid power project of 250MW at the DSEZ at an est mated cost of $500 million.

He was speaking at a meeting with Sindh’s Investment Department, along with a delegation of businesspersons from South Korea to discuss potential avenues of investment in various sectors, including green energy, agriculture, and electronics, a statement said on Wednesday.

The meeting was chaired by the Investment Department Secretary Mureed Rahimoon, and was attended by key stakeholders from the public and private sector, including Sindh Transmission and Dispatch Company (STDC) CEO Saleem Shaikh, Sindh Economic Zones Management Company (SEZMC) CEO Abdul Azeem Uqaili, SEZA CEO Faisal Mujeeb and others.

Participants engaged in a detailed discussion on potential avenues of investment in various sectors, including green energy, agriculture, and electronics. Rahimoon extended full support to the Korean company for the project and highlighted the importance of foreign direct investments (FDIs) in the current economic meltdown.

Representatives and officials from the Energy Department, STDC, and SEZMC expressed their commitment to facilitating the project. The participants and stakeholders are hopeful that such initiatives would pave the way for the overall growth of Pakistan’s economy.

The Investment Department is responsible for promoting and facilitating investment opportunities in the province of Sindh. The department works closely with local and international investors to create a conducive business environment and drive economic growth.

MMC People is a Korea-based power generation organisation committed to investing in sustainable energy projects worldwide. With expertise in hydrogen fuel cell power generation systems, MMC People aims to contribute to the global transition towards clean and renewable energy sources.