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Friday, May 31, 2024

Renewable energy and SMEs: The growing partnership between Pakistan and Qatar

Pakistan and Qatar seek to boost economic growth through mutually beneficial collaboration in renewable energy, SMEs, and other sectors.

Pakistan has emerged as a potential destination for foreign investment in recent years due to its strategic location, abundance of natural resources and a market of over 220 million people. Special Assistant to the Prime Minister (SAPM) Jawad Sohrab Malik recently highlighted the investment potential of Pakistan, particularly in the fields of renewable energy, education, seaport fuel terminals, wind and hydro-power projects and airport infrastructure projects. In a meeting with the Ambassador of Qatar, Sheikh Saoud Abdul Rahman Al-Thani, he emphasised the need to convert the current bilateral relationship between Pakistan and Qatar into a mutually advantageous economic collaboration for the future.

The Synergy of CPEC and Vision 2030

Pakistan and Qatar have a common vision for the development and prosperity of the region, with the China-Pakistan Economic Corridor (CPEC) being an ideal apparatus for synergy in various cooperation realms with Qatar in future. Qatar has expressed interest in investing in different areas of SMEs emerging out of Special Economic Zones in Gwadar under the mega CPEC Project. Qatar’s national rejuvenation project, Vision 2030, has identified various sectors for new investment prospects in Pakistan, including the food supply, setting up Liquefied Natural Gas (LNG) plants, and airport infrastructure.

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Exploring Avenues of Tourism and SMEs

The SAPM and the Qatari diplomat discussed mutual collaboration in exploring avenues of tourism, small-medium enterprises (SMEs), chemicals, and exchange of technology, which hold mutually enriching opportunities. The Qatari leadership has shown keen interest in exploring new opportunities in SMEs, manpower export and new investment prospects in various sectors under Vision 2030. The SAPM underscored the significance of exploring opportunities in the tourism sector, which is yet to be fully exploited in Pakistan.

Renewable Energy and LNG

Pakistan is making significant progress in the field of renewable energy, with a particular focus on wind and hydro-power projects. Qatar has huge reserves of LNG, which is an affordable and clean energy source. Both countries have had excellent cooperation in the renewable energy sector, and the supply of LNG at affordable prices has been secured through a recent deal between Pakistan and Qatar. Pakistan has set a target of generating 30% of its electricity from renewable sources by 2030, and Qatar can play a crucial role in helping Pakistan achieve this target.

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Pakistan and Qatar have a long-standing relationship, which has been strengthened over the years through cooperation in various fields. The two countries have identified new avenues of economic collaboration, which can lead to mutually beneficial outcomes. The CPEC project and Qatar’s Vision 2030 present an opportunity to explore new areas of investment, particularly in the SME sector, which can help create jobs and boost economic growth in Pakistan. The cooperation in the renewable energy sector and the supply of LNG at affordable prices is a step in the right direction towards achieving energy security in Pakistan. The meeting between the SAPM and the Qatari diplomat reaffirmed the commitment of both countries to further enhancing cooperation in diverse fields and taking their bilateral relationship to new heights.