Minister of Power Division Omar Ayub Khan has claimed that the power sector has $100 billion investment opportunities.
Speaking at the inaugural ceremony of NEPRA Energy Week, the minister said that the country’s energy sector offers investment opportunities worth $100 billion. This includes about $45 billion in power generation, $20 billion in transmission and $15-20 billion in distribution.
The minister said the incumbent government is focusing on providing affordable and sustainable energy to the consumers.
He said that currently 70% of the total energy is being generated through imported fuel, resulting in spending precious foreign exchange reserves. “We are dealing with these issues confronted to us,” he said.
However, he said that the government is planning to provide sustainable, affordable and reliable power to the consumers by producing 70 to 80% energy through indigenous resources including renewable, hydel, coal and nuclear by 2030 in order to ease the pressure on foreign exchange reserves.
Under this strategy, the share of clean and green Renewable Energy (RE) and hydel energy will be enhanced to 30% each by 2030 while 10% each would be added through coal and nuclear resources, he added.
Similarly, the minister said that efforts are also being made to manufacture equipment like wind turbines and solar panels in the country.
Pakistan and China on Monday pledged to keep the China-Pakistan Economic Corridor (CPEC) unaffected by the temporary challenge of coronavirus outbreak.
The coronavirus situation is improving in China and projects under CPEC will not be affected due to the virus, he added.
Speaking on the occasion, Chinese ambassador Yao Jing said the power sector in Pakistan has witnessed visible changes during the tenure of the incumbent government. Investment under China Pakistan Economic Corridor (CEPC) will have a positive impact on Pakistan’s economy, he added.
He said the Chinese government will continue cooperation with Pakistan in agriculture, science and technology. He said overall structural reforms are taking place in Pakistan adding that energy sector reforms would be fundamental in promoting exports.
He said that CPEC will open a new era of development and prosperity in Pakistan.
Speaking on the occasion, Chairman CPEC Authority Lt Gen (R) Asim Saleem Bajwa said that CPEC is a reality that will be carried forward.
He said most projects, particularly in the energy sector under CPEC phase-1, had already been completed adding that all projects of its Phase-2 will also be completed during the stipulated time frame.
Coronavirus will not affect the pace of work on CPEC projects. After the completion of Phase-1 of CPEC, phase-2 is being launched, he said.
Under Phase-2 of CPEC, cooperation will be enhanced in industrial, agriculture and science and technology sectors, Asim Saleem said.
He said expeditious work had already been carried out on the western route of CPEC besides steps being taken to benefit from Thar coal. He said the people would soon reap fruits of CPEC projects.