PM’s quest for more power takes him to London

• Reiterating his belief in regional connectivity and govt’s objective to reach an optimal energy policy, PM Sharif says investments in Pakistan’s energy sector will provide attractive rate of return

Prime Minister Nawaz Sharif was seen giving a money-spinning pitch to the British following his fleet landed in England after recently voyaging through China and Germany in a quest for investments. Inviting foreign investors into Pakistan’s lucrative energy sector, Sharif enunciated the long-term paybacks which the Pakistani economy promised.

Addressing an Energy Roundtable Conference in London, the prime minister hoped that deliberations will enable the government to make necessary corrections in its policy framework to align it with international best practices and creating a comfortable environment for investment.

Speaking during the event which was jointly organised by the Foreign and Commonwealth Office, the high commissions of Pakistan and United Kingdom (UK) and Pakistan’s Board of Investment, the prime minister appreciated the government of UK for organising the conference which brought together experts and investors in the field of energy from United Kingdom and Pakistan.

“In an integrated world, we need to find shared solutions for shared problems,” the prime minister said as he explained that inclusive economic development requires substantial investment in an efficient public infrastructure.

PM AIMING AT OPTIMAL ENERGY POLICY:

The prime minister said that the primary objective of discussions and deliberations was to share ideas and international best practices between policy makers and investors, for formulating an optimal energy policy for Pakistan.

“We will not only discuss electricity generation and distribution but also explore how to promote public private partnership in the energy sector,” he said.

FROM A MANAGER TO A REGULATOR:

Sharif said he remains committed to transform the role of the government from a manager to a regulator. “We would like to explore how to build the public sector’s ‘capacity to regulate’ in a short time. The experts’ review of their experiences in privatisation and regulation will enable us to identify the ideal policy mix for a transparent and enabling process.”

The premier said that his vision was to develop a competitive energy market in Pakistan that on one hand provides a fair return on investment, and through a robust regulatory regime, adequately protects the rights of consumers on the other. He said this will require significant capacity building of Pakistan planning and regulatory agencies in a challenging timeframe.

“We are prepared to transfer management control for improving service delivery, while retaining majority shares in companies. I fully realise that this turnaround will require our complete commitment and support.”

REGIONAL CONNECTIVITY IS THE KEY:

Moreover, the prime minister said he has always advocated the importance of regional connectivity for accelerated economic growth and prosperity of the people across national boundaries.

He expressed confidence on the recently finalised initiative of CASA-1000 project, which links Kyrgyzstan, Tajikistan, Afghanistan and Pakistan in a mutually beneficial relationship through an electricity transmission initiative.

“We are also trying to construct the TAPI gas pipeline from Turkmenistan to India through Afghanistan and Pakistan. Similarly, the China-Pakistan Economic Corridor will not only link the two countries, but also usher in an era of development, progress and prosperity for the people of the entire region.”

Furthermore, Sharif said that his government aims to develop one of the largest coal deposits in the world, at Thar in Sindh province, as the future energy capital of Pakistan. He said the vast resources of Thar were enough to meet the energy needs of many countries in the region for tens of decades to come.