Pakistan, US to enhance cooperation in energy sector

Published July 16, 2013
President and CEO of the US Overseas Private Investment Corporation (OPIC), Elizabeth Littlefield (L) is flanked by Pakistani Finance Minister Ishaq Dar as she speaks at a press conference in Islamabad on July 16, 2013. – AFP Photo
President and CEO of the US Overseas Private Investment Corporation (OPIC), Elizabeth Littlefield (L) is flanked by Pakistani Finance Minister Ishaq Dar as she speaks at a press conference in Islamabad on July 16, 2013. – AFP Photo

ISLAMABAD: Pakistan and United States on Tuesday agreed to enhance cooperation in energy sector with special focus on development of bio-gas and wind energy to help Pakistan overcome power crisis.

Pakistan needs investment, particularly in the most needed energy sector, said Finance Minister Ishaq Dar while addressing a joint press conference along with President Overseas Private Investment Corporation (OPIC), Elizabeth L. Littlefield, who was heading the US delegation in talks with Pakistan.

Earlier, US delegation held detailed discussions with Pakistan’s economic and energy managers led by the finance minister and discussed various issues related to investment in various sectors of economy, particularly in energy sector.

Dar told media representatives that talks with the Opic were the part of government's efforts to bring foreign investment into the country and help enhance economic growth.

He said that both the countries agreed in principle to continue dialogue on Civil Nuclear Technology cooperation. However, he added that no timeline could be given for any future agreement on the issue.

The finance minister said that Independent Power Producers (IPPs) have capability to generate more electricity and the government has paid circular debt to enhance generation capacity.

He said both the sides also agreed to continue dialogue on the pending issues of Bilateral Investment Treaty (BIT) to tap the investment potential.

Terming the terrorism as one of the challenges the country was facing, Ishaq Dar said the government was committed to come up with a comprehensive strategy by taking onboard all political parties to overcome this menace.

He said that ensuring transparency and good governance were among the top priorities of the government.

Earlier, the minister informed the US delegation about the successful passage of federal budget 2013-14.

He said the government, this year, has enhanced the allocations for Public Sector Development Programme to Rs1.155 trillion besides enhancing the allocations of Income Support Programme from Rs40 billion to Rs70 billion.

Dar urged the Opic to bring into investment of private companies in Pakistan's energy sector. He assured the US delegation that Pakistan was a safe as well as lucrative country for investment and provides a conducive atmosphere for foreign investors.

Addressing the press conference, Elizabeth Littlefield said the investment through Opic into Pakistan has increased from $80 million to $300 million, witnessing manifold increase during past couple of years.

She said that Pakistan was facing some challenges. She, however, expressed the optimism that the new government would overcome all these challenges and lead the country towards better future.

Littlefield said her country will enhance cooperation with Pakistan in power generation through wind and bio-gas, besides enhancing technical cooperation to increase power generation through alternative ways.

She said that the US companies have already been involved in development of energy sector of Pakistan as a 50 megawatt electricity project by an American firm was continuing in Sindh province.

Earlier, while briefing the finance minister and his delegation about the operations of the Opic, she said the corporation mobilises private capital to help solve critical development challenges.

The Opic works with the US private sector and helps businesses gain footholds in emerging markets, catalysing revenues, jobs and growth opportunities both at home and abroad.

The corporation achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds, she added.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.