The Special Investment Facilitation Council (SIFC) has requested the Power Division to identify 10 market-ready investment projects by October 31, 2024, to present to Saudi investors following a visit by a Saudi business delegation led by Investment Minister Khalid bin Abdulaziz Al-Falih, BR reported.
Amid economic pressures such as high import costs and limited foreign exchange, these projects are seen as critical to advancing industrialization, job creation, and export growth.
The SIFC is actively seeking foreign investments, emphasizing collaborations with allied nations and has established regional desks and appointed focal ministers to streamline these efforts.
The Council has specified the need for projects that are commercially viable rather than conceptual, focusing on upgrading Pakistan’s power infrastructure. This includes the development of smart grids, high-capacity transmission lines, modernized substations, and large-scale Battery Energy Storage Systems (BESS).
The council has outlined that these projects should incorporate robust capital structuring and clear financial and business models. They should also leverage government incentives related to Special Technology Zones (STZ), Special Economic Zones (SEZ), and Export Processing Zones (EPZ) to enhance their appeal to investors.
Additionally, the SIFC has encouraged collaboration with the private sector to generate a supplementary list of five business-to-business project proposals.
With assistance from the Public Private Partnership Authority (P3A) and external consultants, the Power Division has been directed to finalize these proposals. These efforts are part of a broader bilateral engagement that recently resulted in the signing of 27 Memoranda of Understanding between Pakistan and Saudi Arabia, covering sectors from industry to energy, valued at US $2.2 billion.
Prime Minister Shehbaz Sharif has assured that the agreements will be swiftly implemented, promising a bureaucracy-free process to ensure rapid development and further investment ceremonies in both Saudi Arabia and Pakistan.
