‘Pakistan’s Energy Sector Has Investment Opportunities Worth $100 billion’
Energy Minister Omar Ayub Khan has pitched for $100 billion worth of investment opportunities in the country’s power sector.
While speaking at a ceremony organized by the National Electric Power Regulatory Authority (Nepra), the minister said that the country’s energy sector has investment opportunities worth $100 billion.
This includes $45 billion in power generation, $20 billion in transmission and $15-20 billion in distribution.
According to him, the government’s aim is to provide reliable, cost-efficient and sustainable power to consumers by producing 75pc to 80pc of electricity from resources that are indigenous.
Pakistan, to him, is a large and open market for all industries of the world to come and invest in and enjoy a big profit.
“We are also removing barriers of entry”, he said. Omar expressed satisfaction that numerous companies were showing interest in transferring their manufacturing facilities of producing wind turbines and solar panels to Pakistan.
Mr Khan added that the government is looking to increase the share of alternative sources of energy to 20pc by 2025, and 30pc by 2030 under the new renewable energy policy.
During the ceremony, the Chinese ambassador in Islamabad Yao Jing said that despite all the temporary challenges put forth by the coronavirus outbreak, China was determined to take the CPEC forward. He said that projects under CPEC will not be, in any way, impacted by the outbreak.
Jing admired the changes taking place in the energy sector and assured continued cooperation in science, agriculture and technology sectors. He further went on to say that CPEC-funded energy projects will be finished on time.
The ambassador was highly impressed by the government’s focus on providing reliable and affordable energy.
In the next stage of CPEC, emphasis will be laid on hydropower, renewable energy, industrial, and agriculture and science sectors to benefit the Pakistani economy.