The Lahore Chamber of Commerce and Industry (LCCI) has asked the caretaker government to encourage private sector investment in coal gasification projects that offer one of the most versatile and clean ways to produce electricity. The LCCI President Farooq Iftikhar in a statement on Friday said that 175 billion tones of Thar coal reserves could provide guaranteed long-term energy security to Pakistan.
He said that several thousand megawatts energy was being derived in Russia, Central Asian States, Europe, the United Kingdom, Canada, Australia, China and South Africa from Underground Coal Gasification. He said that in view of the power generation and energy demand, rich coal reserves of Thar not only promise energy independence for Pakistan but also offer lots of opportunities for prospective investors.
He said that the current energy crisis was causing losses of Rs 230 billion and 400,000 jobs every year. He said it was a matter of concern that industrial units were being shifted to the other countries. "Capital flight could lead further economic aggravation", he added. He said that coal gasification offers the most effective solution to the electricity shortage that has jolted the economic base of the country.
The LCCI president said that it was unfair on the part of the government as the Punjab province was being subjected to over several hours power cuts than the other provinces. He said that the private sector is engine of the growth but it would be unable to give results if it would not be provided with an enabling environment. "How the FBR would be able to meet its revenue target when the industrial wheel is not running properly."
The LCCI President said that the government should understand unemployment and industrial closures always give birth to lawlessness. Therefore, the government should reset its priorities regarding provision of electricity to the industry. Farooq Iftikhar said that Pakistan had already lost a number of global markets because of an acute gas and electricity shortage. He said that cheaper and uninterrupted power supply is only way to achieve economic growth therefore the government should announce incentives to encourage investment in coal gasification projects.