Islamabad: An Australian company has expressed its eagerness to invest in Pakistan’s renewable energy sector and the green industry as the government’s focus is on clean energy projects.
Andrew Forrest, Chairman of Fortescue Metals Group Ltd, held a meeting with Prime Minister Imran Khan to discuss the business opportunity. Forrest was confident that the investment would create new job opportunities for Pakistani people besides the introduction of new technology solutions for a host of industries.
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Khan welcomed the experts and assured all possible facilitation for business ventures in Pakistan highlighting the government’s investment-friendly policies to speed up economic recovery following the decline in COVID-19 cases
Transfer of knowledge and technology
Forrest and his team held a detailed meeting with Adviser on Commerce Abdul Razzak Dawood, attended by Chairman Board of Investment (BOI) Atif R. Bokhari and Commerce Secretary Fareena Mazhar. Dawood welcomed the potential investment by the Australian company, which he said would “result in the transfer of knowledge and technology to Pakistan.” Pakistan workforce is capable of learning and adapting to new technologies quickly, he said. Dawood appreciated the approach of the group to offer employment opportunities to indigenous communities. The investment, he said, would result in improving Pakistan’s labour market.
He underlined that the BOI would act as the focal point for the group to resolve any issues during different stages of materialization of plans.
Focus on green industry
During the meeting, the Fortescue group gave a presentation on their proposed plans for making investments in Pakistan, which is one of the short-listed countries being explored for investments. Australian company’s chairman appreciated the support and enthusiasm of the Pakistan government. He said the investment would focus on green industry, starting from generation of hydropower and development of industry in the associated land, which would be owned and operated by the group with the help of local partners. The group intended to invest introduce technologies with zero carbon emissions, particularly green fertilizer and green steel production plant in Pakistan.
Equal job opportunity and training
The investment would generate equal economic opportunities for local communities with the focus on diversification and broadening skills of the workforce in Pakistan besides the development of the green industry. “Pakistan is one of the few countries in the world ensuring gender balance in employment opportunities,” Andrew said.
The West Australian company, a global leader in the iron ore industry, is currently undertaking exploration activities in New South Wales and South Australia, as well as in Ecuador and Argentina, and preliminary exploration activities for copper, gold and lithium in Colombia, Peru, Portugal and Kazakhstan. The company is also the key supplier of seaborne iron ore to China and has expanded operations in Japan and South Korea.
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