US vows energy partnership with Pakistan

[Omar1984]

US vows energy partnership with Pakistan
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* US official sees tremendous investment prospects in Pakistan
* No quick fix to Pakistan’s energy problems

WASHINGTON: The US on Saturday vowed to help Pakistan overcome its current power shortage and transform its energy economy.

"Pakistan has a functioning economy. It has industrial consumers. It has a residential population, a large part of which has the ability to pay. So there is a climate for investment in Pakistan," David Goldwyn, the US State Department’s coordinator for international energy engagement, said on Friday. He said the US would work with Pakistan in ways that work best for the country with the objective to improve its macro-economic situation and enable investors to get returns on their investment.

The State Department coordinator argued that despite a conflict with the Taliban on its western border, Pakistan was a potential destination for investors. According to the official, with better macro-economic management abd support from the US and other country’s, the investment climate would get even better. "It's a question of getting prices right. So there is tremendous interest in investing in their oil and gas sector.... they have independent power production right now. So there are people who have invested and continue to generate power in Pakistan," he said. He said Washington had a "serious commitment" to bolster Islamabad’s energy economy and would discuss ways of cooperation in short, medium and long term.

Quick fix: However, Goldwyn warned that there was no quick fix to solve such crisis. "There isn't going to be any magic cure here... Pakistan has had problems in the energy sector for 25 years, and they're not going to be subject to a short fix. But what we have with Pakistan is a partnership. This is going to be US-Pakistan energy policy dialogue, so it's two-sided.”

He said the US wanted to create a climate where private capital would be invested.

He said he saw significant international support for Pakistan. "And I think when the investors see the path forward, and hopefully if they see the US and the Friends of Democratic Pakistan commitment to get the economy right, they will see that it is a place to invest in." app