EU consortium ready to invest $2.5bn in energy sector: FPCCI

KARACHI: Profitable friendly foreign investment policy of the government would attract investment in different sectors particularly in energy sector.

It seemed government has initiated sincere efforts to resolve the issue of energy crises in Pakistan for which many projects have been started including coal energy project in Gadani, Thar etc.

Zakaria Usman President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) during visit to Poland and Czech Republic with a high profile trade delegation met a European consortium led by a reputable Pakistan origin Czech entrepreneur in Czech Republic who showed interest to invest $2.5 billion in Thar Coal project in Pakistan.

Pakistan and Czech Republic have trade and economic cooperation in various fields, which could be further strengthened to its true potential by improving investment and business relations between the two countries.

In addition to the foreign investment in energy sector, FPCCI told some local investors were also interested in energy sector for which government should devise a mechanism for the local power producers and investors and allocate them specific area for distribution of electricity particularly in the rural areas.

In this way huge amount of subsidy on electricity will lessen and provide relief to poor consumer besides creating local healthy competition and reduced prices will ultimately alleviate power crises and benefit the people.

Khurram Sayeed vice President FPCCI said earlier the same consortium had made offer for investment for the same purpose but due to no response and non-cooperation by the Pakistani officials they refrained from doing the investment.

Now after presentation by the FPCCI they have again agreed to visit Pakistan in June to seriously review the situation and sign the necessary accords with relevant government agencies.

The government and the private sector together should sincerely come forward and exonerate all economic issues. Government has to make the system and avoid adhocism so that corruption, mis-declaration and tax evasion should be removed and a healthy business environment could be developed by new industrialisation and enhancement of bilateral trade.

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