ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif on Tuesday invited Saudi investors to invest in his country’s green energy sector and asked the Future Investment Initiative (FII) to consider establishing a satellite center at one of Pakistan’s leading universities to explore the rapidly growing South Asian market.
Hundreds of CEOs and finance moguls are participating in the three-day long investment conference, popularly known as “Davos in the Desert,” in Riyadh. The FII was launched in 2017 by the world’s largest crude exporter, which is trying to diversify away from oil under Crown Prince Mohammed bin Salman.
In his address with attendees at the sixth edition of the FII summit, Sharif called the conference a “remarkable” forum launched by his Saudi “friends.”
“I would like to propose to my brothers and sisters sitting here from Saudi Arabia and other countries that here is an opportunity as we want to have green energy to avoid pollution and minimize our problems in the air,” Sharif said, noting that clean energy was the “driver” of the new economy.
“For the investment in solar and wind energy projects in Pakistan, I am standing before you, inviting you to please come forward and invest in these fields.”
He urged the attendees to establish a satellite center in Pakistan to explore the rapidly growing South Asian market.
“I propose therefore that the Future Investment Initiative should consider establishing a satellite center at one of Pakistan’s leading universities to explore the rapidly growing Pakistani market and spur innovation among our young population,” the Pakistan premier said.
This satellite center could foster a network of researchers, innovators, investors and service providers to harness the capacities, which if optimized, would take Pakistan to the next level of social and economic development, according to Sharif.
Pakistan has started an initiative of installing solar power plants with a combined capacity of 10,000 megawatts to shift its energy needs away from oil and gas.
“Pakistan, which is a developing country, cannot afford to finance the import bill to the extent of $24 billion. Therefore, we have launched a program to generate energy through solar power and we are upgrading our rail, ports, airways, power, and digital infrastructure,” he said.
“Pakistan is open for investment and let me assure you as the chief executive officer of Pakistan today that we as a nation are ready to reach out to all of you and the entire globe and find potential investors and grab the future with both hands.”
The prime minister praised the Saudi leadership for the excellent arrangements at the FII summit.
“This wonderful gathering and wonderful arrangements have pleasantly surprised me. I have been to such summits and conferences around the globe but this Davos in the Desert is a remarkable achievement by our Saudi friends, corporations, and Saudi young leadership headed by Crown Prince Mohammed bin Salman,” he said.
The forum spoke volumes of the vision and forward-looking great mechanism of the future by the Saudi crown prince, according to Sharif.
“The crown prince wishes to see not only the Kingdom of Saudi Arabia as a great country in times to come but also involving other regions of the world to move forward with speed and become countries where men and women are empowered,” he said, adding he had seen young men and women working together in the Kingdom for “the good of mankind.”
The prime minister thanked the Saudi leadership for their timely assistance in relief and rehabilitation of flood victims in Pakistan.
“We are extremely grateful to our brotherly and friendly countries, including the Kingdom of Saudi Arabia, and my very respectful brother, my leader his Royal Highness [Crown] Prince Mohammed bin Salman who created an air bridge between Saudi Arabia and Islamabad and Karachi to send food items, tents and other very important items,” he added.
