Islamabad Chamber of Commerce and Industry (ICCI) welcomed the decision of United States Congress for releasing $280 million to support Pakistan energy sector.
Yassar Sakhi Butt, President ICCI termed it as a positive step for the country’s crippling energy sector which could ultimately help in overcoming the prevailing energy crisis in the country.
In a statement issued on Saturday, the ICCI President said that these released funds would have a positive impact on the entire energy sector as it is meant to increase the energy production as well as improve electricity distribution, expected to add 900 megawatts to the national grid by 2013. He was of the view that releasing of funds for Pakistan’s energy sector would demonstrate a marked improvement in bilateral relations between Pakistan and the United States.
Yassar Sakhi Butt said that energy shortages had hampered the pace of economic growth, therefore he also urged US investors to invest in the energy sector of Pakistan as our country needs a quantum jump in electricity and gas generation to bridge supply and demand gap. ICCI President said that US investors should also invest in wind energy because Pakistan has potentials of wind energy ranging from 10000 MW to 50000 MW but currently producing very small megawatts of power from this source due to lack of foreign investment in wind energy sector.
He said that said that delay in fulfillment of export consignments has become a matter of routine due to power outages but infrastructural improvement in various dams because of released funds by US would increase country’s energy resources and help power sector institutions more effectively meet the energy needs of industries as well as household sector.
ICCI President said that Government should also strive hard to attract other foreign investors by giving them lucrative incentives to invest in energy projects in Pakistan, aiming to bring down expensive oil-based energy generation in the country.
