President Zardari urges US to invest in Pak power sector

President Asif Ali Zardari

has urged the US businessmen to invest in power sector in Pakistan. He was talking to a delegation of a US power company DACC Global in Islamabad on Wednesday. The delegation headed by Doug Melvin, President DACC Global, comprised of Arnd Spinger, Joseph Steinfeldt, Mark Lohoff, Adnan Hameed, Zafar Ahmed and Nasir Waseem. Spokesperson to the President Senator Farhatullah Babar, Chairman Intellectual Property Organization of Pakistan Mr. Hameedullah Jan Afridi, Secretary to President Maj (R) Haroon Rashid, Secretary Water & Power Ms. Nargis Sethi, CEO Alternative Energy Development Board Mr. Arif Allauddin and other senior officials were also present during the meeting. Spokesperson to the President Senator Farhatullah Babar while briefing about the meeting said that DACC Solar Power Generation Company (DPGC) is pursuing development of a 50 MW Solar power project in Punjab, production of bio-fuel and installation of solar water pumps in the country. He said that the President while welcoming the delegation appreciated their interest and investment in the alternate energy sector. The President highlighted huge investment opportunities available in the country in the alternate energy sector and said that abundant sunshine and wind corridors offered great opportunities to the investors for harnessing this clean and efficient source of energy. The President said that energy shortage has been one of the major challenges faced by the country at present. He said that the Government was according highest priority to facilitating the investors undertaking business ventures in this sector. He said that the Government was committed to promote the alternate means of energy production so as to reduce dependency on conventional modes and simultaneously to save the environment from further degradation due to burning of the fossil fuels. The President also recounted various incentives being offered to foreign investors in the energy sector. He said that Pakistan offered 17 percent return on Investment (ROI) for renewable energy projects which is one of the highest in the world. He said that NEPRA was working on up-front Tariff for Solar Power projects which will further incentivize setting up of solar power plants in the country. The President also mentioned special control rooms in the Ministry of Water and Power and various offices of power distribution companies for monitoring and coordination purposes. He said that all efforts were being undertaken to avoid bureaucratic delays and to address the issues related to supply and distribution of power on spot basis.