Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Pakistan can attract foreign investment in manufacturing of solar panels and allied equipment at local level provided it formulates policies that deliver legal safeguards to investors and guarantee a consistent regulatory framework.
Talking to WealthPK, Mustafah Abdullah, a wind and solar energy project developer and Chief Executive Officer of Moro Private Company Limited, said Pakistan’s partnership with China in developing the solar power sector holds immense potential for both the countries. He underscored that Pakistan must prioritise the creation of a timely and enabling environment to retain and expand Chinese investment in solar panels and allied equipment manufacturing.
Pakistan has announced in the Finance Bill 2023-24 to remove taxes on import of raw materials required for manufacturing of solar panels and allied equipment. The move is aimed to encourage use of renewable energy resources amid the persist power shortages and high cost of electricity generated through fossil fuels.
Mustafah Abdullah said by focusing on policy reforms, infrastructure development, skill enhancement, financial incentives, and collaboration, Pakistan can develop a thriving solar power industry through foreign investment. “Embracing clean energy will pave the way for a sustainable and prosperous future for the country,” he added.
“As the global shift towards clean energy is gaining momentum, Pakistan can take advantage of the situation as Chinese companies are looking forward to tapping the country’s huge potential in renewable energy.”
The solar energy expert said that in order to harness this potential and attract Chinese investment, Pakistan must focus on creating a timely and enabling environment conducive to growth and sustained collaboration.
Energy experts say as Pakistan has ample sunlight available throughout the year, it can generate abundant solar power to reduce dependence on fossil fuel-based generation. They believe that a supportive environment will foster solar power’s growth by attracting foreign direct investment, boosting local businesses and creating job opportunities.
As China and Pakistan have long been strategic partners, this partnership can expand to the realm of renewable energy, particularly in the solar power. Pakistan can emerge as a prime destination for investment in manufacturing of solar panels and allied equipment.
