Pakistan has ‘unlimited potential’ for international investment, Kakar tells Kuwait-based energy firm

Pakistan Caretaker Prime Minister Anwaar-ul-Haq Kakar (right) in a meeting with the chief executive officer of the Kuwait-based firm, EnerTech, in Islamabad, Pakistan on January 23, 2024. (Photo courtesy: PMO)
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Updated 23 January 2024
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Pakistan has ‘unlimited potential’ for international investment, Kakar tells Kuwait-based energy firm

  • Pakistani PM Kakar says country has investment potential in energy, IT and other sectors
  • Pakistan has been grappling with soaring energy prices, frequent power outages since 2022

ISLAMABAD: Pakistan has “unlimited potential” for international investment in energy, information technology and other sectors, Caretaker Prime Minister Anwaar-ul-Haq Kakar told the chief executive officer of the Kuwait-based firm, EnerTech, on Tuesday. 

The South Asian country has been grappling with surging energy prices and inflated power bills since 2022. Pakistan’s energy imports during fiscal year 2022-23 were clocked in at $17 billion, 30.7 percent of the country’s total imports, according to official figures. To cut reliance on imported fossil fuel and save foreign exchange, Pakistan said last year it plans to increase clean energy’s share in its energy mix to 60 percent by 2030. 

EnerTech CEO Abdullah Al-Mutairi called on Kakar at the Prime Minister’s Office (PMO), a statement by the premier’s office said. 

“Pakistan has unlimited potential for international investment in energy, IT, and various sectors,” Kakar was quoted as saying by the PMO. 

In August last year, EnerTech said it was exploring collaboration and investment opportunities in Pakistan’s K-Electric power supply company. The Kuwait-based energy firm said it aimed to help accelerate the South Asian country’s transition toward renewable energy. 

EnerTech Holding is a fully-owned subsidiary of the National Technology Enterprises Company (NTEC), which is a wholly-owned subsidiary of the world’s oldest sovereign fund, the Kuwait Investment Authority, with a presence in 65 countries.


Pakistan Navy seizes $3 million of narcotics in Arabian Sea under regional security patrol

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Pakistan Navy seizes $3 million of narcotics in Arabian Sea under regional security patrol

  • Official statement says the haul was made during an anti-narcotics operation conducted by PNS Yamama
  • Seizure comes after a record haul of nearly $972 million was reported in the North Arabian Sea in October

KARACHI: Pakistan Navy said on Sunday a patrol vessel operating in the Arabian Sea had seized 1,500 kg of narcotics, the latest interdiction under a regional maritime security deployment aimed at curbing illicit activity along key shipping routes.

The operation took place under the Regional Maritime Security Patrol (RMSP), a Pakistan-led initiative that deploys naval assets across the Arabian Sea and adjoining waters to deter smuggling, piracy and other non-traditional security threats.

The framework combines independent patrols with coordination involving regional and international partners.

“Pakistan Navy Ship Yamama, while deployed on Regional Maritime Security Patrol in the Arabian Sea, successfully conducted an anti-narcotics operation, leading to the seizure of 1,500 kilograms of hashish valued at approximately 3 million US dollars,” the Navy said.

The interdiction, it added, underscored the force’s “unwavering commitment to combating illicit activities and ensuring security in the maritime domain.”

Pakistan Navy said it routinely undertakes RMSP missions to safeguard national maritime interests through “robust vigilance and effective presence at sea,” and continues to play a proactive role in collaborative maritime-security efforts with other regional navies.

The seizure comes amid heightened counter-narcotics activity at sea.

In October, a Pakistani vessel seized a haul worth nearly $972 million in what authorities described as one of the largest drug seizures ever reported in the North Arabian Sea.

Last month, Pakistan Navy units operating under a Saudi Arabia-led multinational task force seized about 2,000 kg of methamphetamine, valued at roughly $130 million, highlighting the role of regional cooperation in disrupting trafficking networks.