KARACHI - The Sindh government has asked the foreign investment companies to spend at least 2 per cent of their total profit on the development of local area, instead of international practice of one per cent. Sindh Minister for Law Muhammad Ayaz Soomro informed this during question answer session of Sindh Assembly on Monday. However, he did not clarify whether the multinationals agreed with the demand of provincial government or not. The Sindh Assembly took up the questions of Mines and Mineral department which also holds by CM Qaim Ali Shah, but due to his absence, the law minister answered to the queries of lawmakers. To a question, regarding whether government has made bound the financial companies to spend money for the development of local areas, Soomro said that though under the international standards multinationals have to spend one per cent of their profit, but the provincial government has put the demand before the multinationals to spend at least 2 per cent of their profit on the development of local area. NPP member Arif Mustafa Jatoi seeking the details of total district wise revenue achieved from auction of royalty on all types of surface minerals during 2005-06 to 2008-09, with a suggestion that government should increase the minerals rates on the auction royalty rates, the minister for law supported the suggestion of the Jatoi and said that government intends to increase the mineral fees. He said that agreement has been made with the Engro Power Company to invest at Thar Coalfield; however, the 1,200MWs power plant will be functional till 2015, in which 60 per cent profit will go to company, while 40 per cent will remain with Sindh government. He informed the house that negotiation was continued with British company, hoping that after completion of two power plants at Thar coalfield, the Sindh province will surplus in electricity production as well as it will sufficient to fulfil the needs of other provinces. The law minister also agreed with the suggestion of Arif Mustafa Jatoi that amount of security bond of Rs3 million submitted by each of five cement companies in return of the allotment of 43,655 acres government land were less than their capital. He also assured the house that government will raise the amount of security bonds for investors. To another query, the minister informed the house that Lucy cement factory has been leased out 9,653acres land for quarrying and mining purpose in district Karachi and Jamshoro, while revenue collected from the firm was Rs401.729 million during 1st July 2008 to till 30th June 2009.