Prime Minister Shehbaz Sharif has emphasised the need for joint investment by Pakistan and Turkiye to promote renewable energy and reduce dependence on conventional energy sources that increase carbon emissions because oil is the new gold and consumes Pakistan’s valuable reservoirs. Pakistan wants to switch to renewable energy sources, and Turkish investors can help finance this transition. The prime minister emphasised the importance of starting solar power projects during his official visit to Turkiye in order to reduce import costs, eliminate high-carbon emissions, and encourage cross-border investment in these sectors. The total amount of oil imported by Pakistan between July and October of FY23, including furnace oil used to generate electricity, was $6.05 billion, according to the Pakistan Bureau of Statistics. The enormous cost of oil imports is placing a tremendous strain on the government’s finances at a time when import growth is outpacing export growth.The Russia-Ukraine conflict, which has spawned numerous issues for international societies, has the entire world in uproar.
Prime Minister Shehbaz Sharif made a pitch to Turkish businesspeople to invest in a 10,000 megawatt solar power project for Pakistan while on his trip. The government’s desire to implement renewable energy in Pakistan is encouraging because it will reduce the country’s reliance on oil imports, for which $27 billion was spent last year. The government must first implement investor-friendly policies if it is serious about luring in foreign capital. Pakistan depends on investment from Turkey, China, Saudi Arabia, Qatar, the United Arab Emirates, the United States, and other nations. For this, it is essential that the Pakistani government create an environment that encourages, facilitates, and is welcoming for them to invest in projects. Investors from Turkiye were once threatened and ordered to leave by a court. Following that, the government encountered challenges in luring Turkish investors to Pakistan. However, Prime Minister Shehbaz Sharif has gone above and beyond to reassure the Turkish investors that they can put their trust in the government and that “my investors are my masters.” A new order could emerge in Pakistan as a result of Turkish investment, and Pakistan could save billions of dollars by reducing its reliance on imported fuel.