PM seeks investment in clean energy

Prime Minister Shehbaz Sharif has invited Chinese companies to invest in the huge potential of renewable energy, particularly in solar power, in Pakistan.

“Deepening economic cooperation is critical for Pakistan’s socio-economic uplift,” he said and highlighted the significance of China-Pakistan Economic Corridor (CPEC) as a transformational project for the mutual benefit and development of both the friendly countries.

The prime minister expressed these views while talking to a high-powered delegation of Chinese stateowned company Norinco, which called on him on Thursday.

The delegation was led by Norinco International Vice President Wang Xiaobing and Norinco International (Pakistan) CEO Li Chen.

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Federal ministers Khawaja Saad Rafique, Syed Naveed Qamar, Chaudhary Salik Hussain, Adviser to PM Ahad Cheema, Special Assistants to PM Syed Tariq Fatemi, Mohammad Jahanzeb Khan, Zafaruddin Mahmood and officials of the ministries concerned were present in the meeting.

The prime minister appreciated Norinco for its role in the Lahore Orange Line Metro Train project, which was facilitating hundreds of thousands of commuters in the city every day.

He recalled that it was for the first time that open bidding took place for a government-to-government project. Further negotiations were held with the lowest bidder, leading to savings of $600 million, he pointed out, adding that it was certainly a milestone in the development history of Pakistan.

The prime minister stated that Pakistan was open to investment and the government was taking steps to remove all impediments to further facilitate the investors.

The delegation noted that Pakistan’s businessfriendly policies had helped deepen economic cooperation and facilitated foreign direct investment in the country.

It showed keen interest in investing in a wide spectrum of renewable energy projects in Pakistan, especially in the Thatta wind corridor, where a 100-megawatt wind power project was proposed. Investment in fibre optic cables along railway lines, copper and iron ore mining where reserves had been proved, and infrastructure development in big cities were among the key investment opportunities highlighted by the company.