Federal Minister for Commerce Jam Kamal stated that Pakistan possesses significant investment potential, and Belarus may play a crucial role by investing in many areas inside the country.

During the 7th Pakistan-Belarus Joint Ministerial Commission Ceremony in Islamabad, the Commerce Minister stated that Pakistan and Belarus maintain amicable and enduring relations.

The minister emphasized the necessity of expanding trade volume between the two nations.

He stated that Pakistan has implemented reforms in its visa policy to promote trade and investment, while the Special Investment Facilitation Council is assisting investors in making investments in Pakistan.

Details indicate that owners of one independent power producer (IPP) created under the 2002 policy and four others established under the 1994 policy have been warned of the repercussions if they do not terminate the power purchase agreements (PPAs) willingly.

The owners of IPPs have been requested by the task group to stop paying capacity costs and just bill for power that is provided to the government.

According to the sources, forensic audit has also been threatened against the owners of Independent Power Producers should they decide to stick with the current PPAs.

On September 22, earlier, shocking revelations were made by government sources on the detrimental impact that many of the nation’s IPPs have had on the economy.

According to government sources, certain Independent Power Producers obtained billions of rupees through fraudulent contracts, even though they failed to produce any electricity. “The Government of Pakistan is bearing the heavy weight of IPP’s incorrect contracts.”

According to sources, the IPPs erected wind power plants with comparable capacity at a four-times higher cost than those in Vietnam and Bangladesh.

“In these contracts, the Independent Power Producer also overcharged,” according to official sources.

To explore Pakistan’s shale and tight gas potential, the Chinese company CCDC and the country’s Oil and Gas Development Company have inked a memorandum of understanding.

The 8th Silk Road International Expo for Investment and Trade Forum is now taking place in Xian, China, and Minister of Petroleum Dr. Musadik Malik was present to witness the signing of the Memorandum of Understanding.

In order to reduce Pakistan’s energy needs through domestic resources, the MOU highlights the commitment of the two friendly nations to developing Pakistan’s shale and tight gas potential.

The Federal Minister wished that the two nations’ friendship and coordination would only grow stronger in the future in all sectors and thanked the Chinese side for hosting Pakistan as the country of honor.