Minister for Energy, Omar Ayub Khan, has said that Pakistan is an attractive destination for foreign investors.
He made these remarks while addressing the launch of the ‘Sustainable Development Report of PowerChina in Pakistan.’
Omar said that the country’s petroleum and energy sectors had an investment potential of around $120-130 billion and many countries are interested in it.
Good news is that the investment has started to roll in with countries like China, Japan, and Denmark relocating their manufacturing capabilities in Pakistan.
The minister maintained that these countries wanted to invest in the renewable energy sector, including solar power and windmills.
Omar highlighted that under the new Alternative Renewable Energy Policy 2019, the federal government aims to add around 8,000MW of clean, environment-friendly, and cheap Renewable Energy (RE) to the system by 2025. This will add 20,000 MW to the system by 2030.
“The country’s installed power capacity will stand at 55,000 MW by 2030,” he said, adding that at least 60 percent will be from clean and green, domestic energy sources.
Khan highlighted the historical relations between Pakistan and China and said that the building Karakoram Highway in the past was CPEC-I.
“Today, we are entering the new phase of CPEC,” Omar said, adding that he sees One Belt One Road Initiative as a means of energy connectivity and job creation.
He noted that after completion of CPEC, Pakistan will become the primary gateway for the world, which will create more and more opportunities for local people.
Today China has 96 percent control of global supply and production of rare-earth metals, and guess from where they [the metals] would go now – definitely through Pakistan.