Industries to be run with LNG,power rates to come down: PM

 Says country was pushed back in 1999; Zarb-e-Azb has broken the back of terrorists

DOHA: Prime Minister Nawaz Sharif on Thursday said industries will be run with the imported Liquified Natural Gas (LNG), which will help reduce power prices in the country.

The prime minister said had his government not been toppled in 1999, Pakistan would have been a prosperous and even stronger country today since the subsequent rulers consigned the country to darkness and backwardness.

He said despite all the odds, his government had now made a great turnaround in the economy as progress and development are taking the country forward to a brighter future at a fast pace.

“Today’s Pakistan is far better and different to what it was three years ago,” the prime minister said while addressing a gathering of the Pakistani community living in Qatar. Finance Minister Ishaq Dar, Petroleum Minister Shahid Khaqan Abbasi and Special Assistant to Prime Minister on Foreign Affairs Tariq Fatemi were also present on the occasion.

Nawaz said that Pakistan has got the best deal for the provision of LNG from Qatar and he was thankful for the amount of cooperation that had been shown by the Qatari leadership in this regard. He said Pakistan wanted to strengthen friendly relations with Qatar in diverse fields.

The prime minister said the government was keen to promote relations with Qatar in trade and investment. He said the bilateral trade relations between the two countries were very low and there a was a need to increase it. He said the trade volume will be increased from 300 million dollars to 1,000 million dollars this year. He said the Qatari leadership has acknowledged the role of the Pakistani community in the development of Qatar and added that the Pakistani community has great importance for them.

The prime minister said that the government was working on a number of energy projects, including LNG, coal, hydel, solar and wind, to overcome the energy shortages. “We will end electricity shortages in the country and signed with Qatar is historic and of great importance to address the gas crisis back home. 

The prime minister said that Pakistan's agreement to import LNG from Qatar is a landmark deal and would help the country meet its energy needs. He said it would help Pakistan generate electricity, produce more fertilisers and use it for domestic needs. He said according to the Brent rates the LNG deal would bring in gas worth 15 billion dollars in the next 15 years on the best rates. He was appreciative of the government of Qatar for providing the gas at very competitive rates to Pakistan. He said that in his meetings he mentioned that the bilateral trade needs to be increased from $300 million to at least $1 billion annually. “The import of LNG would also boost trade figures between the two countries. Measures are underway to meet energy shortage besides cutting down the tariff to benefit the consumers,” Nawaz said. He said it would help lower price of products and make these competitive in international markets.

Referring to the economic performance, Nawaz said the economy has been turned around and the gains made over the past few years have also been appreciated by the world financial institutions. He said foreign exchange reserves today stand at the record level. The prime minister said that the government is also expanding the network of motorways and work on Lahore-Karachi motorway has been started. He said he will soon perform the grounding breaking of this important project. 

Nawaz said that China Pakistan Economic Corridor (CPEC) would bring prosperity not only in Pakistan but also the entire region. He said the network of Railways is being upgraded while state-of-the-art Gwadar port and airport will be built under the CPEC. He said that Pakistan International Airlines (PIA) would be put on the path of development and efforts will be made to bring it at par with Qatar Airways.

On the security front, the prime minister said overall situation has improved as a result of Zarb-e-Azb operation which has broken the back of terrorists. He vowed that the war on terror will be taken to its logical conclusion. He said law and order situation has also improved in Karachi and the people of provincial capital feel more secured today. He said a splendid air show was demonstrated by JF Thunder-17. He invited overseas Pakistanis to invest in Pakistan in different fields. He said the government is making the rules and regulations easier so that they will not face any difficulties. The prime minister said the government is giving attention on education and health sectors and good results are coming out.

Nawaz also shared details of his meetings with the Qatari leadership and said they particularly lauded the role of Pakistani community in the development and progress of Qatar. He said he is very proud to get a very positive feedback about the Pakistanis who were working with a commitment and honesty and using their skills in respective fields to bring a good name to their country. 

The prime minister recalled his meetings with president of World Bank and other financial experts who have particularly noted the positive economic indicators. Nawaz said numerous projects for power generation are underway and all sources like coal, solar, wind, thermal were being used with the help of China. He said the nation must keep in view the negligence of the previous governments that did not do their duty of generating electricity. He said the previous governments were duty bound to install units for power generation. He particularly mentioned the investment venture of China in Pakistan's energy sector and said the country was in urgent need to meet its power requirements. 

He mentioned the Hazara motorway that would be completed in a year's time and the 27 kilometres long tunnels near Attaabad lake. He said had Pakistan continued the phase of development that he initiated during his previous tenure; the country would have been at a far better place today.

Meanwhile, Prime Minister Nawaz Sharif invited Qatari investors to explore investment opportunities in Pakistan with particular focus on energy related projects, infrastructure development and consumer based industry.

Talking to Chief Executive Officer of Qatar Investment Authority (QIA) Sheikh Abdullah bin Muhammad Al-Thani Thursday, he invited Qatari petroleum and gas companies to invest in oil and gas exploration and production sector of Pakistan. He said Pakistan is an agricultural country having vast fertile lands and invited Qatari businessmen to invest in the agriculture and livestock sector.

The prime minister said Pakistan is wholeheartedly focused on expanding its physical infrastructure such as roads, railways, educational institutions, hospitals and industry, adding that Pakistan offers most attractive incentives for FDI in these fields. He said Pakistan attaches immense importance to its close and cordial relations with Qatar. "We are desirous of promoting, diversifying and strengthening relations in all fields of bilateral relations," the prime minister added.

He said the traditional and friendly political relations provide an excellent foundation for building mutually beneficial economic, commercial, trade and investment linkages.

The prime minister expressed satisfaction at the progress made during the recent visit of a delegation of Nebras Power to Pakistan. A delegation from Nebras Power, an investment company in power sector, working under the overall umbrella of Qatar Investment, conducted due diligence in Pakistan in September 2015 in connection with LNG based power projects. 

CEO Qatar Investment Authority Sheikh Abdullah bin Muhammad Al-Thani lauding the liberal economic policy and favourable environment for investment in Pakistan said that Qatari investors would explore the vast economic opportunities in diverse fields in Pakistan. A member of the Royal Family Shiekh Khalid bin Hamad also made a courtesy call on Prime Minister Muhammad Nawaz Sharif here on Thursday.