PM Shehbaz asks Turkish investors to expand footprint in renewable energy

• PM says Pakistan to ensure hassle-free investment environment.
• Turkish investors invited to tap Pakistan's immense potential.
• Premier says more Turkish firms eager to invest in Pakistan. 

ISTANBUL: Prime Minister Shehbaz Sharif Saturday called on the Turkish conglomerates to invest in Pakistan's renewable energy sector as the power-deficient country was in dire need of sustainable sources.

"Turkiye investors are invited to build a solar park that could generate around 10,000 megawatts of energy for the country," he said speaking to Turkish businessmen at the Pakistan-Turkiye business council meeting in Istanbul.

He said Pakistan paid $27 billion in energy imports in the last fiscal year (2021-22).

“This is an unsustainable amount hence we decided to slash the energy import bill. We rolled out our vision of creating 10,000 MW solar power scheme in Pakistan.” 

“We will fulfil this vision with investment from Turkiye, China, Saudi Arabia, Qatar and UAE,” he said.

He invited Turkish companies to tap the immense trade potential between the two brotherly countries, which he said should also be reflected in bilateral trade and business.

He reassured Turkish investors that Pakistan would provide a hassle-less and red-tape-free environment to Turkish investors.

"His government would no longer tolerate any snags and impediments in the way of investment from foreign investors including the Turkish brothers," the PM said addressing a Turkiye-Pakistan Business Council meeting.

He said during his meeting with President Recep Tayyip Erdogan, he was informed that more Turkish companies were eager to come to Pakistan.

The PM said it was regrettable that in the past regime the Turkish companies that invested in Pakistan were not paid their dues on time. Similar was the case with the Turkish airlines operating in Pakistan, h added.

PM Sharif said such lethargy and red tape were unacceptable to his government and the people of Pakistan as they had benefited from the Turkish investment and support.

“I want to convey this message to all through you that we are brothers and family and will not tolerate such snags and impediments which hurt our ties,” he said, reassured that his government would remove all the issues and address their genuine issues.

He said to further promote their bilateral trade and business relations, work on the ‘Trade and Goods Agreement’ between the two brotherly countries would be expedited.

He said that they had signed an MoU to enhance the bilateral trade volume up to $5 billion in the next three years.

Turkiye’s annual trade stood at around $250 billion dollars and the trade of goods between Pakistan and Turkiye was hovering around one and a half billion dollars which were peanuts considering the immense potential, he added.

The prime minister stressed that such a scenario did not reflect their exemplary brotherly ties and stressed fully exploring the indefinite potential on both sides.

He said they should make efforts to double this trade volume in the next three years with strong commitment and sincerity of purpose as ‘only hard work and untiring efforts would be key to a wonderful success story.