COLOMBO (EconomyNext) – Private power producers in Sri Lanka have been asked to invest in developing electricity generating plants in Pakistan which suffers from a severe energy shortage with regular power cuts.
"There’s a lot of potential in Pakistan for investment in power generation," said Hazan Ali Zaigam, First Secretary, High Commission of Pakistan in Sri Lanka.
"We know Sri Lankan companies are experienced in mini-hydro power development."
Regular power shortages in Pakistan have created serious problems for Pakistan’s trade and industry.
"Pakistan offers upfront tariffs and private power purchase agreements for 20 years," Hazan Ali Zaigam told a forum on free trade deals organised by the Ceylon Chamber of Commerce.
"There are many foreign companies coming into Pakistan."
Hazan Ali Zaigam said Pakistani firms particularly in the sugar, cement and pharmaceutical sectors were looking at Sri Lanka for investments.
He said that while the Sri Lanka-Pakistan free trade deal had opened up markets for companies in both countries covering 5,000 products not enough of it was used.
"Pakistan aspires to be the economic corridor between South Asia, West Asia and Central Asia," he said.