Richard Olson recently made a statement ensuring Islamabad that Washington intended to promote private investment in Pakistan, and especially in the energy sector. Richard Olsen is the new US Special Representative for Afghanistan and Pakistan. He was addressing the US-Pakistan Clean Energy Business Opportunities Conference in Washington. He emphasized the need to address Pakistan’s current energy crisis, and urged prompt action to curtail the crisis. Islamabad has seen rise in foreign direct investment especially in wake of China-Pak Economic Corridor (CPEC) however, private investment in Pakistan has room for exponential increase.
The two-day conference is the first outcome of US-Pakistan Clean Energy Partnership which was announced back in October during PM Nawaz’s visit to the United States. The conference focused on deploying tools that would potentially enhance private investment in Pakistan. In his address Olson said,
Under this partnership, we intent to promote new private sector investments in Pakistan’s clean energy generation, transmission, and distribution… I am convinced that clean energy solutions – including renewable sources like wind and solar, geothermal, hydro, and natural gas – are not just the best hope for resolving Pakistan’s energy crisis, but also for ensuring that our children can enjoy a cleaner and a healthier future.
Olson further stated that several American companies were investing in clean energy projects in Pakistan and expressed hope that the initiative would encourage other investors to come forward. Moreover he said that in order to bring private investment in Pakistan, transparency and efficiency were essential, and as such, the US government will work with Pakistani authorities to streamline these elements. Olson noted,
Now is the moment to build on the progress that has been made by strengthening the regulatory environment and expanding the space available to the private sector in the energy sector.
Private investment in Pakistan is expected to increase in the coming year especially with the federal and provincial governments now focusing on solar and wind-based energy projects.You can follow us on Facebook, Twitter, or Google+ for more updates. Otherwise fill in the subscription box above, or subscribe to our RSS Feed.