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.
