Prime Minister Shehbaz Sharif Tuesday underlined the need for combined efforts to explore the true potential of clean energy resources.
Addressing the Future Investment Initiative Summit in Riyadh, he said that clean energy potential would be the new driver of economic prosperity and stressed the world community to come forward and support these joint efforts. He also invited investors to take advantage of the potential in Pakistan’s solar sector.
“As prime minister, I am spearheading the development of 10,000 MW of solar power to meet Pakistan’s peak load demand and lessen reliance on fossil fuel. It is a great opportunity for investors who are looking for attractive returns,” he added.
He said that Pakistan’s economy could no longer afford the import of costly oil to generate power.
The prime minister elaborated that Pakistan had experienced a historic heat wave in March and torrential rains from June to August this year which led to unprecedented floods.
“These rains and floods have impacted 33 million people, and more than 1,500 people have died. More than two million houses have been damaged, and over 3.5 million acres of crops have been lost, with farmlands, orchards, bridges, and road networks destroyed,” he added.
He expressed the resolve that they were committed to rebuilding lives, livelihoods, and climate-resilient infrastructure.
The premier said Pakistan’s infrastructure development needs were huge and they were upgrading their rails, ports, airways, water, energy, and digital infrastructure.
“With a young and growing population, the market is expanding. Our government is enabling private enterprises to drive the economy. The government is investing in public goods; these too are available for partnerships,” he said and urged the participants to participate in these innovative business opportunities and assist in unlocking Pakistan’s potential while earning profitable returns on their investment.
He also proposed that the Future Investment Initiative should consider establishing a satellite center in one of Pakistan’s leading universities to explore the rapidly growing Pakistani market and spur entrepreneurial innovation among their young population.
