Pakistan makes $40 billion investment offer: Report

Pakistan makes $40 billion investment offer: Report

*ISLAMABAD: *Power Division Minister Omar Ayub Khan said on Wednesday has offered $40 billion investment opportunities in Pakistan energy sector.

Addressing a press conference along with Prime Minister’s Special Assistant on Petroleum Nadeem Babar, the minister said that around 8,000 megawatts clean, environment-friendly and cheap renewable energy (RE) would be added to the system.

He added that the share of the RE would be increased to 20,000MW by 2030 under the new Alternative Renewable Energy Policy 2019 approved by the federal cabinet. “The share of clean and green energy will be enhanced to 60-65% of the total energy mix by 2030,” he told reporters.

“The policy is aimed at substantively reducing electricity prices in the future,” the minister said. “The government initiatives will also boost industrial activities in return will enhance exports and create employment opportunities in the country,” he added.

The sector offers $40 billion investment opportunities whereas $700 million investment was already pouring in in 12 wind energy projects, he said, adding that solar panels and wind turbines would now be manufactured in the country, for which talks were under way with foreign companies.

The minister blamed the previous Pakistan Muslim League Nawaz (PML-N) government for “killing all RE projects” in order to set up expensive LNG projects. Asked about the issue with Karkey, he said the disputed was resolved with the help of Turkish President Recep Tayyip Erdogan.