Prime Minister Shaukat Aziz has said the government will encourage foreign investment in alternative energy sector to meet the requirements. Addressing the inaugural ceremony of solar village ''Narian Kharian'' here on Sunday, he said government''s economic policies have made Pakistan an attractive place for investment.
He said an investment of $1 billion in wind energy and $9 million in solar energy is expected in the country. He said that besides this several national and foreign companies are evincing keen interest to invest in various fields.
Shaukat Aziz said realising the importance of renewable energy the government had approved the establishment of the Alternative Energy Development Board (AEDB) to meet the shortage of power generation.
He said due to government policies, the country''s growth rate has increased to 8.4 percent this year, adding now Pakistan is being considered one of the fastest growing economies in Asia. The Prime Minister said the economic reforms and continuity and consistency of policies have provided a solid base for the economy to grow.
Shaukat Aziz said the government has particularly focused on the uplift of rural areas by starting several projects in education, health and provision of clean drinking water.
He said during current fiscal year, the government has allocated a huge amount of Rs 272 billion for various development projects and added that the maximum amount will be utilised for the development of rural areas.
The Prime Minister said the government is striving to provide alternative energy to such far-flung areas, where Wapda lines are not, possible. He added the government would encourage private sector to come and start investment in this sector.
He said the government has allocated Rs 1.5 billion for the proper utilisation and promotion of alternative energy in the country.