Friday June 19, 3:01 PM
Pakistan looks abroad to boost energy capacity
Pakistan needs to increase its energy capacity by 10,000 megawatts by 2015 and is hoping foreign investors can help it halt damaging power cuts, the country's investment minister has said.
Waqar Ahmed Khan said on Friday 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 megawatts 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 to 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 said the vast majority of the country remained safe, despite a seven-week military offensive against the Taliban in the Swat valley.
The offensive is in response to suicide attacks in the capital Islamabad since the middle of 2007, which have targeted the Marriott Hotel, the Danish embassy and police checkpoints.
"Let me assure you that the security situation is much better," he said.
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