PM urges Alternative Energy Modes for Pakistan's Growing Needs     
By Aziz Malik ‘Pakistan Times’ Federal Bureau Chief

ISLAMABAD: Prime Minister Shaukat Aziz on Wednesday said the country's growing economy required massive energy resources, for which the government was endeavouring to exploit alternative power modes.

"The most critical need for any country is energy, which is a vital driver to progress. Our multi-forged strategy is to meet the challenges by utilizing maximum means of energy," the Prime Minister said at the foundation-laying ceremony of the new building of Pakistan Electric Power Regulatory Authority (NEPRA) here.

Prime Minister Aziz said the government's focus was on diversifying the energy resources, which included hydel power, natural gas, coal and nuclear energy besides the alternative energy modes such as solar, wind and biomass energy.

He said 52 percent of country's energy needs were being met by natural gas, for which he mentioned the government's policy on indigenous exploration and the project on bringing pipe-gas from Iran.

The Prime Minister said production of blended coal and the presence of bulk lignite in Balochistan would bring major change in the energy sector.

He said terminals of Liquid Natural Gas would be soon start working in Karachi in collaboration with private sector.

On alternative energy, he said country's first wind power plant would be inaugurated this year.

He termed nuclear energy also essential for meeting energy demands and said by 2030, the country would have 8300 watts of energy from nuclear power.

The Prime Minister emphasized NEPRA's regulatory role as helpful in the effective coordination of policy and implementation.

Chairman NEPRA Lt Gen (retd) Saeeduz Zafar highlighted the Authority's functions in meeting the challenges of power management.

Nayyar Ali Dada, architect of NEPRA's new building said it would be built on 100,000 sq ft area and the edifice would be a best example of modernity and energy conservation.

Earlier, the Prime Minister unveiled the plaque of NEPRA's new building and appreciated its structural model based on the concept of 'space and time'.

Economic Stability

And while talking to Sheikh Tariq Bin Faisal AI-Qassimi, Emirates Investment Group, Prime Minister Shaukat Aziz Wednesday said launching of the Global Investment Bank in Pakistan by the Emirates Investment Group is a testimony of the confidence of international business community in the economic stability, high growth and bright future of Pakistan.

He said foreign investments is consistently growing and during the last financial year a record foreign investment of $ 3.9 billion was made which was 132 percent more as compared to the previous year's figures.

During the first seven months of the current financial year 123 percent growth in foreign investments has already been witnessed as $ 3.6 billion have been invested by foreign entities adding that this year more than $ 05 billion are expected as foreign investments.

The Prime Minister said that all this has been made possible due to the success of the broad based reform agenda undertaken by the government during the last seven years, consistency, continuity and transparency of the policies.

"The days of taking U-turns are over, consistency of policies have put Pakistan on the track leading to sustainable development and we are now institutionalizing reforms to maintain the pace of growth and development", the Prime Minister said.

He said that the banking industry, which has gained strength as a result of the financial sector reforms, is attracting unprecedented high foreign investments and significant expansion is taking place in the financial sector.

There is great potential for investments in the areas of telecom, IT, real estate, hospitality, agribusiness, construction and manufacturing sectors and the government is encouraging public-private partnerships in all these areas.

Sheikh Tariq Bin Faisal Al-Qassimi said his group is impressed by the hassle free environment in Pakistan for investment and it is working on several plans to invest more in real estate and construction sectors in Pakistan.

He said the Emirates Investment Bank will have a special focus on Islamic banking which is growing in Pakistan,

The meeting was attended among others by Federal Minister for Privatization and Investment Zahid Hamid and senior officials.●