COOPERATION IN TRADE, ENERGY INTEGRAL TO CENTRAL ASIAN DEVELOPMENT: MINISTER

WATER and Power Minister Khawaja Asif on Monday said the regional economic cooperation, especially in the energy and trade sectors, could play an integral role in the socio-economic development of the Central Asian region.

He said this while addressing the first Energy Investment Forum (EIF) organised by the Central Asia Regional Economic Cooperation (CAREC) with the support of Asian Development Bank (ADB) and the government of Pakistan.

The seminar is the prelude to the 15th Ministerial Conference of CAREC countries being attended by Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyzstan, Mongolia, Pakistan, Tajikistan, Turkmenistan, Uzbekistan and Georgia, as an observer to discuss various regional economic issues here on October 25 – 26.

The minister said, “Pakistan strongly believes that regional economic cooperation is necessary for the social and economic wellbeing of the people.” He said Pakistan is a member of various regional cooperation programs like CASA-1000, TAPI, import of electricity from Iran, China-Pakistan Economic Corridor (CPEC) and CAREC.

The forum was attended by the delegates from all member states of CAREC besides representatives from renowned financial institutions of the region, government representatives, regulators, stakeholders and private sector members.

Asian Development Bank VicePresident Wencai Zhang thanked the government of Pakistan for facilitating ADB in arranging the first EIF. He highlighted the importance of EIF in attracting investment in the energy sector of EIF member states, and reiterated increased cooperation on a continuing basis.

The government representatives from all member states of CAREC elaborated strategies and initiatives to attract investments in energy sectors of their

respective countries. After briefing on selected case studies in CAREC member states, including Pakistan, prominent investors shared their insights to identify and carry out investments in energy projects.

PPIB Managing Director Shah Jahan Mirza presented an overview of the power sector of Pakistan and briefed on the successful IPP experience in Pakistan, the lessons learnt, and the steps that other CAREC countries could follow to ensure energy security.

While highlighting investment opportunities in the electricity sector in Pakistan, Mirza said that hydro potential of 60,000 MW and over 185 billion tonnes of coal reserves mainly in the Thar area offer huge opportunities to the investors.

He said the platform will be instrumental in increasing regional cooperation among CAREC countries for the development of strategies to jointly develop power sector in all countries and regional electricity grids.