South Korea’s Korea South-East Power Company (KOEN) has sought the Pakistani government’s support to advance two proposed hydropower projects in Swat, while Commerce Minister Jam Kamal Khan assured the company that relevant authorities would coordinate to address its concerns within the existing legal and regulatory framework.
The assurances came during a meeting at the Ministry of Commerce, where Jam Kamal Khan received a KOEN delegation led by the company’s Chief Executive Officer, Kim Min Young. The delegation also included Deputy Chief Executive Officer Jang Sungkyu, Chief Operating Officer Javid Rashid Chaudhary, Director Finance Asim Javed, and General Manager Project Development Shahid Javid.
During the meeting, Director Finance Asim Javed presented an overview of KOEN’s investments in Pakistan, outlining the progress of its hydropower projects, financing arrangements, regulatory approvals, and the support required from the government to move the projects forward.
The delegation said KOEN, a state-owned power company of the Republic of Korea, has been investing in Pakistan’s energy sector since 2011. It completed the 102-megawatt Gulpur Hydropower Project in March 2020 and later launched the 229-megawatt Asrit Kedam Hydropower Project and the 238-megawatt Kalam Asrit Hydropower Project in Swat under Pakistan’s Power Generation Policy 2015.
The company told the minister that major milestones, including feasibility studies, environmental clearances, land acquisition processes, IRSA consent, and grid interconnection studies, had been completed. It added that nearly $1 billion in debt and equity financing had been arranged, while around $25 million had already been invested in studies and project development.
The delegation also raised concerns over delays in tariff determination, the inclusion of the projects in the draft Indicative Generation Capacity Expansion Plan (IGCEP) 2025-35, and the need for greater clarity regarding the projects’ future implementation.
KOEN said the proposed projects would support clean energy generation, create employment opportunities, promote local development, and stimulate economic activity in Swat. It added that the company remains committed to investing in Pakistan and is prepared to align its commercial plans with the country’s future energy requirements.
Jam Kamal Khan welcomed KOEN’s continued interest in Pakistan and appreciated the company’s confidence in the country’s long-term investment potential.
He said Pakistan values its economic partnership with the Republic of Korea and continues to encourage foreign investment in renewable energy, sustainable infrastructure, technology, logistics, and other priority sectors.
The minister said Pakistan requires a stable, transparent, and investor-friendly environment to attract long-term foreign investment, adding that clear communication and effective coordination among government institutions are essential for strengthening investor confidence.
He assured the delegation that the relevant federal ministries, departments, and authorities would be engaged to facilitate coordinated consideration of KOEN’s concerns.
Jam Kamal Khan said the government remains committed to supporting credible foreign investors and would extend all possible assistance within the applicable legal, regulatory, and policy framework to help bring clarity to the company’s proposed projects.
He added that although Pakistan is reviewing its energy requirements in light of existing generation capacity, future opportunities are expected to emerge in green energy, industrial development, data centres, and other growing sectors. He also assured KOEN that the Ministry of Commerce would continue to facilitate constructive engagement between the company and relevant stakeholders.
The KOEN delegation thanked the minister for the meeting and expressed hope that continued engagement with the Government of Pakistan would help resolve outstanding issues and advance the proposed hydropower projects.