ISLAMABAD, 29 October 2024: Pakistan has identified ten power related projects including smart grids, high capacity transmission lines and large scale battery energy storage system for seeking investment from Saudi Arab, sources claimed.
The country’s high power decision making body, the Special Investment Facilitation Council (SIFC) has decided to invite Saudi investors for investing at least 10 power related projects as a follow-up of recent visit Saudi delegation.
The delegation had visited Pakistan led by Saud Investment Minister, Khalid Bin Abdul Aziz Al-Falih.
The Council carries on that amid country’s current economic challenges, including a high import bill and low foreign exchange reserves, developing an investible project pipeline is direly needed for increasing industrialization, creating job opportunities and increasing exports of the country.
The SIFC devoted bringing foreign investment in Pakistan. The Prime Minister Shehbaz Sharif has a strong emphasis on investment to invigorate the economic growth.
Friendly nations are being engaged, regional focal points have been formed at the Council. The Focal Ministers have been appointed to increase investment attraction effort.
The SIFC has asked to the Ministry of Power to identify and devise investment projects related to different sectors with the consultation of stakeholders, including provincial governments instead of conceptual areas.
The Ministry was also advised to keeping in view clear guidelines given by the Focal Minister from time to time.
The Council has identified smart grids to enhance the efficiency of electricity distribution project for seeking investment from Saudi Arabia.
It has also consider a project high-capacity transmission lines connecting power-generating regions to urban centers.
The upgrading substations with advanced technology to reduce transmission losses is also a project for Saudi Investment.
The SIFC has also considered “large-scale Battery Energy Storage Systems (BESS) projects” for sustaining energy supply.
The body wants incentives with available industrial scheme including STZ, SEZ and EPZ to make them viable and investable.
Private Sector be also discussed for formation of an additional pipeline of 5 B2B project proposals on same patern,” the sources said.
Both countries including Pakistan and Saudi Arabia as signed 27 Memoranda of Understanding (MoUs) worth $2.2 billion in different sectors of the economy.
