Former President of SAARC Chamber of Commerce and Industry Iftikhar Ali Malik Sunday said attracting investment in the renewable energy sector could enhance foreign direct investment (FDI) inflows into Pakistan, and, foster economic development.
He expressed these views while chairing a round table conference on ‘The Impact of renewable energy on the economy’, said a press release issued here.
Iftikhar Ali Malik said, “Renewable energy can have a significant positive impact on Pakistan’s economy by shifting towards its sources.” He said, “Over time, renewable energy projects can lead to reduced operational costs compared to conventional fossil fuel-based power generation, leading to potential savings for consumers and businesses.” “Investing in renewable energy technologies can spur innovation and research, leading to technological advancements that can benefit other sectors of the economy as well,” he remarked.
He said, “Overall, embracing renewable energy can create a more sustainable and resilient economy for Pakistan, while also addressing environmental challenges and ensuring a brighter future for its citizens.
“ He said, “Pakistan has faced energy shortages and an increasing demand for electricity. Renewable energy can contribute to meeting the growing energy demand and reduce the strain on the power grid.” Iftikhar Ali Malik said, “Pakistan has a significant portion of its population without access to electricity and deploying renewable energy in remote areas can also provide electricity access, improving living standards and supporting rural development.”—APP
