ISLAMABAD – Pakistan and Korea have agreed to transfer technology and share expertise with each other in the energy sector.
The agreement reached during a meeting between Minister for Power Division Omar Ayub Khan and Korean ambassador Kwak Sung-Kyu here, a press release said.
Appraising the envoy about the government measures taken to bring improvement in the energy sector, the minister said ensuring transparency in all matters was the top priority of the Pakistan Tehreek-i-Insaf government.
With the promotion of the transparency culture, Omar Ayub said all hurdles were being removed that paved the way for ensuring a conducive investment environment in the country.
The minister appreciated the performance of Korean companies working at the hydropower projects in Gulpur and Athmuqam areas of Azad Jammu and Kashmir.
He thanked the Korean companies for showing keen interest to make more investment in different sectors of Pakistan especially energy and taking practical measures in that regard.
Omar Ayub also informed the ambassador about Pakistan’s strategy about exploiting the alternative energy resources, adding by the year 2030 almost 60 percent energy needs of the country would be met through the alternative resources.
He said different countries including China and European states were working in Pakistan to set up factories for production of solar power panels and wind power turbines.
He also offered Korean companies to work in that area as in future there would be great opportunities for export of these products to Central Asian States.
In that regard, the minister said, all relevant institutions had been given special directives to work in complete collaboration under one-roof methodology.
The Korean ambassador appreciated the measures taken by Power Division to streamline its matters, which according to him, not only helped in completion of several power projects in the country but also restored confidence of investors.
Kwak Sung-Kyu said a number of Korean companies were interested to invest in Pakistan and accordingly they were compiling required data and information about its (Pakistan) energy sector.
Due to prudent policies introduced by the present government, the envoy said Pakistan had become a focal point for world’s leading energy experts and investors’ attention.