ISLAMABAD: Finland Pakistan Business Council (FPBC) organised a business summit in Islamabad to help expand the bilateral trade and business between Pakistan and Finland.

The summit primarily focused on expanding cooperation in the fields of energy and education.

More than 20 Finnish companies, the majority from the energy and education sectors, participated in the summit, which was also attended by prominent business owners, business representatives, entrepreneurs and corporate executives from Pakistan.

According to a statement, Finland’s ambassador to Pakistan, Hannu Ripatti inaugurated the summit, while the former prime minister of Pakistan, Shahid Khaqan Abbasi chaired an important session, ‘Future of Energy Landscape in Pakistan’.

Mr Abbasi stated that renewable energy was the only solution to Pakistan’s energy woes, therefore, the country should invest in hydro, solar and wind energies.

“We will need to make renewable energy cheaper for the masses to facilitate its uptake,” he said while adding that solar energy is now more affordable and cheaper than energy generated from fossil fuels.

He noted that while Pakistan has immense hydel potential, it has proved very difficult to capitalise on it owing to the remoteness of the Northern hydel-rich region and the related transmission issues. He said Thar Coal has massive potential to resolve Pakistan’s energy crisis.

“While environmental concerns are important, Pakistan has the right to use its resources to meet its energy needs,” he said.

Former prime minister said that Pakistan had enough power generation capacity to sustain itself and that the load shedding was a fuel-saving measure.

He appreciated the Finnish government and private sector support towards strengthening Pakistan’s business and social sector organizations and called for the transfer of innovative technologies from Finland to Pakistan.

The summit is a networking platform that facilitates business cooperation between the two countries. It has helped explore business opportunities, share expertise, and help Pakistani businesses use the Finnish corridor to access the enormous markets in the European Union and the Nordic region.

The panelists emphasized the need for Pakistan to replicate the Finnish model in enhancing its reliance on renewable energy and excellence in education, professional training, and gender equality for socioeconomic success.

They also highlighted the need for Pakistan to facilitate investment and a steady transfer of innovative technologies and technical expertise by realigning its regulatory regime to strengthen its energy and other key business sectors.

Speaking at the summit, the ambassador of Finland to Pakistan, Hannu Ripatti said: “Pakistan can capitalise on this cooperation for its socioeconomic growth as Finland is the gateway to the EU market and has the immense technical expertise to help with the development of the Pakistani business and education sectors.”

Sharing his thoughts regarding the summit, the Chairman of Finland Pakistan Business Council and the Honorary Consul General of Pakistan to Finland, Wille Eerola said, Finland and Pakistan have friendly ties, further strengthened by their shared ambition for growth and development. “This year, we are organizing the summit in Islamabad and Karachi to bring Finnish and Pakistani business communities together so they can discuss and explore opportunities for collaboration.”

The Finnish delegation expressed its delight over their ‘myth-busting’ Pakistan experience. They heaped praises on Pakistan’s culinary delicacies, rich culture, and hospitality. The next summit is set to take place in Karachi later this week.

Published in Dawn, March 14th, 2023