Economics & Business Pak Affairs

Economic growth increases energy needs: PM

pm-rose-conley.JPG ISLAMABAD: Prime Minister Shaukat Aziz has said that the successful implementation of wide ranging structural reforms and supportive macroeconomic policies have transformed Pakistan’s economy into a stable and resurgent one. Talking to Ross Connelly, former president of OPIC and now representing Am Power Company of Kuwait, who called on him at the PM’ House here on Wednesday, he said due to the high economic growth and improvement in the living standard of the people demand in the energy and power sectors is growing rapidly.

The Premier said that the economic and political stability gained through consistency, continuity and transparency of policies have restored the confidence of investors and Foreign Direct Investments (FDI) resulting in jobs creation and poverty alleviation. He said the economy of the country is growing at an impressive rate of 6-8 percent per year, the middle class is expanding and improvement in the living standard of the people has created more demand for energy and power which is growing at an impressive rate of 15-20 percent.

The Prime Minister said structural reforms in many sectors including banking, capital markets, energy, power and telecom have attracted investment, created jobs and provided better quality services. Alongside the demographic dividends with 60 percent young population is a very attractive feature for the long term investors, he added. Out of the total population of 160 million, he said, 100 million people are below the age of 25 thus creating future economic activity and opportunity.

Due to high demand in the energy and power sector, the Prime Minister proposed that Am Power Company could also explore possibilities of setting up additional power generation projects as well as investments in other related fields like agribusiness, mining and oil and gas exploration.
Ross Conelly apprised the Prime Minister that Am Power Company intends to build 225 MW combined cycle power project located at the Sundar Industrial Estate with an estimated cost of 200 million dollars. He also appreciated Pakistan’s economic policies and incentives being offered to the foreign investors. The meeting was also attended by the Federal Minister for Privatization and Investment, Ch. Wasi Zafar and other officials.-SANA

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Rubab Saleem

Rubab Saleem is Editor of Pakistan Times

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