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PM Shehbaz asks Turkish investors to expand footprint in renewable energy

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  • PM says Pakistan to ensure hassle-free investment environment.
  • Turkish investors invited to tap Pakistan’s immense potential.
  • Premier says more Turkish firms eager to invest in Pakistan. 

ISTANBUL: Prime Minister Shehbaz Sharif Saturday called on the Turkish conglomerates to invest in Pakistan’s renewable energy sector as the power-deficient country was in dire need of sustainable sources.

“Turkiye investors are invited to build a solar park that could generate around 10,000 megawatts of energy for the country,” he said speaking to Turkish businessmen at the Pakistan-Turkiye business council meeting in Istanbul.

He said Pakistan paid $27 billion in energy imports in the last fiscal year (2021-22).

“This is an unsustainable amount hence we decided to slash the energy import bill. We rolled out our vision of creating 10,000 MW solar power scheme in Pakistan.” 

“We will fulfil this vision with investment from Turkiye, China, Saudi Arabia, Qatar and UAE,” he said.

He invited Turkish companies to tap the immense trade potential between the two brotherly countries, which he said should also be reflected in bilateral trade and business.

He reassured Turkish investors that Pakistan would provide a hassle-less and red-tape-free environment to Turkish investors.

“His government would no longer tolerate any snags and impediments in the way of investment from foreign investors including the Turkish brothers,” the PM said addressing a Turkiye-Pakistan Business Council meeting.

He said during his meeting with President Recep Tayyip Erdogan, he was informed that more Turkish companies were eager to come to Pakistan.

The PM said it was regrettable that in the past regime the Turkish companies that invested in Pakistan were not paid their dues on time. Similar was the case with the Turkish airlines operating in Pakistan, h added.

PM Sharif said such lethargy and red tape were unacceptable to his government and the people of Pakistan as they had benefited from the Turkish investment and support.

“I want to convey this message to all through you that we are brothers and family and will not tolerate such snags and impediments which hurt our ties,” he said, reassured that his government would remove all the issues and address their genuine issues.

He said to further promote their bilateral trade and business relations, work on the ‘Trade and Goods Agreement’ between the two brotherly countries would be expedited.

He said that they had signed an MoU to enhance the bilateral trade volume up to $5 billion in the next three years.

Turkiye’s annual trade stood at around $250 billion dollars and the trade of goods between Pakistan and Turkiye was hovering around one and a half billion dollars which were peanuts considering the immense potential, he added.

The prime minister stressed that such a scenario did not reflect their exemplary brotherly ties and stressed fully exploring the indefinite potential on both sides.

He said they should make efforts to double this trade volume in the next three years with strong commitment and sincerity of purpose as ‘only hard work and untiring efforts would be key to a wonderful success story.

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Maj. Jamal Sheeran gave his life as one of the Immortal Martyrs in defence of the homeland

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Major Jamal Sheeran Shaheed, a Balochstani, gave his life while serving to defend the homeland from terrorists’ hateful plans.

July 17, 2017, marked the acceptance of martyrdom by Major Jamal Sheeran Baloch.

In the Kech District of Balochistan, he was from Turbat Area.

The martyr’s family, as well as officers and troops from FC Balochistan and the Pakistan Army, paid tribute to the martyr’s heroic sacrifice by reciting Fatiha and laying flower wreaths.

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Entertainment

Resham replies to criticism about her charitable activity, saying, “Let Allah decide.”

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Resham addressed her haters in an interview, refuting their claims that she uses money obtained illegally to support charitable causes.

Apart from her exceptional acting abilities, Resham is also renowned for her empathy.

Her significant charitable activities are well known.

Online criticism has been directed at Resham, despite her commendable attempts to promote poor areas.

Nevertheless, she decides to keep an optimistic outlook and is unmoved by the disparaging remarks.

“People on social media say all kinds of things, like she’s making food for charity out of ill-gotten money,” the woman said in response to the criticism. “But I say, let Allah decide.”

Regardless of the doubts she faces, her steadfast faith and fortitude enable her to carry on her charitable activities.

Resham has been cooking and giving food to the underprivileged for the past 20 years on her own.

In order to underscore the duration of her dedication, she said, “This has been going on continuously for the past six years, all 12 months.”

Her declaration demonstrates her steadfast support for the less fortunate and emphasises her continuous commitment to charitable activity.

Her supporters encouraged Resham to keep doing her good deeds and expressed gratitude for her charity endeavours.

That’s the cruellest remark, someone said. Do not let such hurtful remarks get to Resham’s feelings.

You are an amazing person, and Allah will bless you for all of your good deeds.

“Your work is much appreciated. It is the people of this globe that you are considering.

Another said, “No matter what one does, people will always criticise.” Other than that, they are unemployed. Resham, you’re doing amazing. Allah is indeed more knowledgeable.

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Business

Moody’s says the IMF programme will increase Pakistan’s foreign financing.

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Moody’s, a reputable international rating agency, has stated that Pakistan’s chances of acquiring funding will increase as a result of the recent agreement with the International Monetary Fund (IMF), which offers dependable sources for that purpose from both friendly countries and international financial institutions.

According to a recent Moody’s analysis on Pakistan’s economy, social unrest and tensions could result from Pakistan’s ongoing inflation. The country’s economic reforms may be hampered by increased taxes and potential changes to the energy tariff, it continued.

Moody’s, on the other hand, agrees that the coalition government headed by Shehbaz Sharif of the PML-N is in danger of failing to secure an election mandate, which may potentially undermine the successful and long-lasting execution of economic reforms.

The government’s capacity to proceed with economic changes may be hampered by societal unrest and poor governance, according to Moody’s.

In order to appease the IMF by fulfilling a prerequisite for authorising a rescue package, the government raised the basic tariff on electricity, which coincided with the most recent increase in fuel prices announced on Monday. This report was released by Moody’s.

Food costs have increased in the nation, where the vast majority is experiencing an unprecedented crisis due to the high cost of living, following the government’s earlier presentation of a budget that included a large increase in income tax for the salaried classes and the implementation of GST on commodities like milk.

The most recent comments were made following Islamabad’s achievement of a staff-level agreement for a $7 billion contract that spans 37 months and is contingent upon final approval by the IMF Executive Board.

It states that Pakistan will need foreign financing totaling about $21 billion in 2024–2025 and $23 billion in 2025–2026, meaning that the country’s present $9.4 billion in reserves won’t be sufficient to cover its needs.

Therefore, according to Moody’s, Pakistan is in an alarming position with regard to its external debt, and the next three to five years will be extremely difficult for the formulation and implementation of policies.

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