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Pakistan eager to form joint ventures in energy sector

LAHORE: Pakistan is eager to seek joint ventures in the energy sector, specifically with the Chinese private sector, which will not only help in technology transfer but will also aid in curbing production cost in Pakistan, remarked Lahore Chamber of Commerce and Industry (LCCI) President Irfan Iqbal Sheikh.

Talking to a Chinese delegation on Monday, Sheikh pointed out that in Pakistan the energy cost had a massive share in the total cost of production in the industrial sector. “Hence, there is a need to curb the cost of electricity and bring it on a par with those in the regional economies like Bangladesh, India and Vietnam,” he said. “It is imperative to regain competitive advantage in the international market, which we have lost due to the rising cost of doing business.”

The LCCI president said Pakistan also looked forward to enhancing the share of electricity generated through renewable sources.

He was of the view that joint ventures with the Chinese counterparts in the energy sector would promote technology transfer and the incorporation of cutting-edge Chinese technology into the country’s energy projects.

“The two countries have a combined consumer market of over 1.5 billion people, however, the trade volume needs to be enhanced and should be balanced as well,” he said.

He voiced hope that Chinese importers would find better opportunities for the purchase of Pakistani goods, particularly carpets, leather and leather products, surgical equipment, sports goods, fruits and vegetables, rice, pharmaceuticals, cotton, etc

Speaking on the occasion, LCCI Senior Vice President Ali Hussam Asghar was of the view that besides energy, joint ventures could be initiated in other sectors like construction, hotel and tourism, small and medium enterprises’ cluster development, textile and garments.