WASHINGTON: Minister for Water and Power Khawaja Muhammad Asif told an energy conference in the US on Wednesday that Pakistan was now a safe place to invest.

“Pakistan is a frontline state in the fight against terrorism and it needs economic development to strengthen this fight,” the minister said.

The two-day conference, which began on Tuesday, aimed to encourage US businesses to invest in clean and renewable energy projects in Pakistan.

The acting USAID Chief Larry Sampler, one of the organisers of the conference, told US businesses that Pakistan was an attractive place for investment and promised high returns.

Asif, who also holds the defence portfolio, said that the ongoing military operation against the militants had produced “very positive” results.

“Thanks to the resolve of the government and sacrifices of the armed forces, extremism has radically come down,” he said.

“Foreign officials and businessmen no longer go to Dubai and call Pakistani officials for meetings. They now come to Pakistan,” he said.

The minister, however, acknowledged that the fight against terrorism in Pakistan and Afghanistan has not ended yet, “but we feel comfortable that the terrorists are on the retreat.”

Mr Sampler told US investors that the government of Pakistan was working on plans to balance its interest and the profitability of the private sector.

The government, he said, realised that creating new and reliable sources of economy was extremely important for building investors’ confidence in the country.

Mr Sampler said that USAID was working with the government of Pakistan to improve the transmission and distribution system and had also invested in renewable energy.

Ambassador Jalil Abbas Jilani told the conference that the initiatives taken by the government would help overcome the energy shortage by 2018. These measures would add more than 8,000 MW to the national grid and 20,000 MW in the next 20 years.

The energy minister told the conference that the government would announce new solar tariffs in mid-December.

“We hope the new tariffs will be attractive for investors,” said the minister while reminding prospective US investors that the renewable energy sector offers “immeasurable opportunities”.

“Pakistan would encourage the injection of renewable energy to the extent that is affordable and reliable,” Asif said.

“A country facing a huge energy deficit cannot afford to ignore anything. We have to have energy and affordable, reliable energy now.”

The minister said the country was also encouraging investments in coal-based energy.

Published in Dawn, December 3rd, 2015