Pakistan government makes big investment offers to Denmark

Pakistan government makes big investment offers to Denmark

ISLAMABAD - Minister for Power Omar Ayub Khan has invited the Danish Companies for investing in manufacturing of solar panels and wind turbines in Pakistan.

He said this in meeting with Ambassador of Denmark Rolf Holmboe who called on him in Islamabad on Friday.

The Minister said Pakistan's New Renewable Energy Policy will bring in good opportunities for their good returns due to transparent policies of the PTI government.

Omar Ayub Khan said the policy is unanimously approved by the Alternative Energy Development Board where all provinces have highest level representation.

The Minister while acknowledging the lead role of Denmark in clean and green energy at the global level said that Pakistan too has embarked upon taping huge indigenous potential of renewable energy.

The new Renewable Energy Policy, which will soon be presented to Council of Common Interest for its final approval and implementation, has set ambitious targets in this regard.

He said that by year 2025 the current share of 4% of Renewable Energy in overall energy mix will be enhanced to 20% while by 2030 a target of increasing the same to 30% has been set in the policy, which is around 20000MW.

He said that government is expecting gradual decrease in the electricity prices as the new projects with lowest per units cost starts its production.

Omar Ayub Khan apprised the Danish Ambassador that with lowering of electricity cost businesses are bound to take benefit hence overall economic activity will get a boost with thousands of new job creation.

The Danish Ambassador while appreciating the government's commitment to raise the share of renewable clean and green energy share to 60% including hydel component, said that the new policy is more transparent as it provides a level playing field for all.

He said that Denmark is ready to offer capacity building modules for Pakistani expert in the renewable energy. He informed the Minister that Denmark is getting renewable energy at a very low per unit price. He further informed the Minister that Danish companies are closely following developments in Pakistan in the field of renewable energy and they are ready to take part in the competitive process.