ISLAMABAD    -   The World Economic Forum (WEF) assured its support for the implementation of Pakistan’s development agenda. The Word Economic Forum (WEF) President, Borge Brende called on Adviser to Prime Minister on Commerce, Industries and Production and Investment, Abdul Razak Dawood to discuss areas of mutual interest relating to trade and investments in Pakistan, said in press release issued by Ministry of Finance here on Thursday.

The adviser to PM, Razak Dawood emphasized that Pakistan has taken a strategic decision to increase share of renewable in the country’s energy mix which offers massive investment opportunities to investors.

The current government was focusing on providing affordable energy especially for industry.

Further, he apprised that Special Economic Zones (SEZs) provide incentives to investors by allowing duty free import of machinery besides tax holidays for ten years and urged the companies to make investment in these zones to get better returns on their investments. Moreover, Pakistan has launched a program named Regulatory Guillotine to ease the business regulations. The programme will focus on mapping of the existing business regulations, assessing their need, weeding out the unnecessary and digitalization of the required regulation notifications.

He also added that Pakistan has taken various effective steps to improve trade by establishing better trade facilitation regime through the introduction of single window facility for the traders. The WEF Head discussed the changing global trade and economic landscape and opportunities for Pakistan.

He urged the Pakistan to take advantage of global renewable energy trends and attract investment in renewable. He further elaborated that generation of renewable energy is more cost effective and environment friendly which provides new window of opportunity for the investment in Pakistan.

The WEF President appreciated the policy direction of the current government especially for expansion of industrial base. With the assistance of International Partners Pakistan is focusing on the development of human capital by investing inskills development of youth especially through vocational trainings and skill development programmes.

Meanwhile, President World Economic Forum Borge Brende Thursday appreciated Pakistan’s measures to improve its energy situation and offered the WEF platform for effective propagation of the country’s renewable energy policy at international level.

The WEF chief “praised the improved security and energy situation of Pakistan, appreciated new renewable energy policy and offered WEF forum for propagation of policy to reach larger audience,” a Petroleum Division press release said.

He expressed these views during a meeting with Special Assistant to the Prime Minister (SAPM) on Petroleum Nadeem Babar here.

The SAPM apprised the World Economic Forum (WEF) president about the government’s new policy on renewable energy and shared details of energy consumption in the country.

“We have set our target to achieve gradual increase in renewable energy production, which will be increased up to 20% by 2025 and 30% by 2030. Our main goal is to achieve 60% clean energy including hydel by 2030,” Nadeem Babar said.

He said the incumbent government had significantly reduced theft and made substantial recovery from pilferers. With effective strategy of the government, he said, now there were 80 percent feeders across the country where no load-shedding was observed.

Apprising the visiting dignitary about gas sector developments, Nadeem Babar said “We have introduced tier system in gas prices to bring price closer to cost, protecting the lower segment of society. We have also subsidized the gas prices for export-based industries to make them competitive.”