Pak looks to foreign investors to boost energy capacity

I / Hong Kong June 19, 2009, 12:01 IST

Pakistan needs to increase its energy capacity by 10,000 Megawatts (Mw) by 2015 and is hoping foreign investors can help it halt damaging power cuts, the country's investment minister said today.     

Waqar Ahmed Khan said Pakistan was looking to foreign firms to help it deal with its energy shortfall, which has seen regular blackouts that have prompted riots in Karachi.     

Khan added that Chinese companies had expressed a clear desire to invest in the energy sector, particularly in the provision of hydropower.     

"Chinese companies are extremely interested in building dams in Pakistan," he told reporters in Hong Kong, after a visit to Shanghai and Beijing.     

He said the government would boost capacity by 3,000 Mw by the end of the year, but demand would remain high. Industry, including the crucial textile sector, has suffered from the inconsistent supply.     

Khan is on a foreign tour to try attract investment into Pakistan, and will see him also visit Qatar and the United Arab Emirates. He said there were also opportunities for investment in the agriculture, housing, natural resources, IT and infrastructure sectors.    

The minister added the vast majority of the country remained safe, despite a seven-week military offensive against the Taliban in the Swat valley.