Pakistan aims for 30% electric vehicle adoption by 2030: Shehbaz

DUBAI: Prime Minister Muhammad Shehbaz Sharif on Tuesday called upon the governments to strengthen climate financing and technology sharing, besides urging private investors to explore Pakistan’s untapped green energy and infrastructure opportunities.

Addressing the World Global Summit, the prime minister presented Pakistan’s ambitious vision for economic transformation, climate resilience, and global peace. Highlighting reducing inflation to 2.4pc and capping interest rates at 12pc, he emphasized Pakistan’s dynamic investment landscape, clean energy goals and eco-friendly agricultural innovations.

Shehbaz expressed optimism for a sustainable future driven by shared global efforts. The prime minister called on global investors, governments, and multilateral institutions to join Pakistan in its journey towards renewable energy, technology, and agriculture sectors. “Our energy transition alone requires $100 billion in investment,” he said. He outlined plans to achieve a 60pc clean energy mix by 2030, accelerate solar energy adoption, and boost food security through modernized agriculture.

He said while Pakistan was fully committed to mobilizing its domestic resources and policy reforms, the international partnership and financial support remained critical to achieving this goal. He said they were rapidly scaling up solar, wind and nuclear energy generation. Pakistan’s southern region held 50,000 MW of untapped wind energy potential while the northern hydro projects would add 30,000 MW of clean energy capacity. “Solar energy adoption has been accelerated through policy reforms, tax exemption and incentive for investments, net metering and waiving of custom duties on solar panels and other equipment,” he added.

Shehbaz Sharif further said that Pakistan offered one of the most dynamic investment landscape in Asia with 70 percent of its young, dynamic and tech savvy youth under the age of 30 and the strategic location Pakistan is placed at, bridges south and central Asia and its emerging middle class represents promising economic opportunities.

He said they have simplified business regulations, enhancing legal protection and streamlining approval mechanisms to make Pakistan a leading destination for global capitals, he added. To drive investment in key sectors of the economy, the prime minister said the Special Investment Facilitation Council (SIFC) was established, focusing on renewable energy and resilient infrastructure, technology and digital economy, minerals and industrial development, agriculture and food security. “Pakistan is embracing eco-friendly agriculture innovation under the umbrella of Adaptation Policy of 2023 to enhance productivity and ensure food security and strengthen our rural economy,” he highlighted.

Recalling his youthful days in Dubai during the 1970s, Shehbaz shared fond memories of working on his late father’s steel plant project in Rashidiya. He also expressed his deep admiration for the UAE leadership for hosting the summit. “Dubai is a city where dreams meet determination,” he remarked, lauding the leadership of Sheikh Mohammed bin Zayed Al Nahyan and Sheikh Mohammed bin Rashid Al Maktoum for transforming the city into a global hub for commerce, technology and innovation.

Prime Minister Shehbaz Sharif also met with the UAE President and Ruler of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan wherein they discussed bilateral trade and economic cooperation besides the recent developments in the Middle East.

The UAE President and Abu Dhabi Ruler, Sheikh Mohamed bin Zayed Al Nahyan, welcomed the prime minister. Chief of the Army Staff General Syed Asim Munir was also present in the meeting. Both leaders discussed ways to deepen cooperation between Pakistan and the UAE and explored opportunities to enhance mutual interests. The talks focused on economic, trade, and development fields, alongside other areas that align with both nations’ visions for sustainable economic growth and prosperity.

The prime minister also held a meeting with UAE Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum. Sheikh Rashid warmly welcomed Prime Minister Shehbaz Sharif, reaffirming deep-rooted and longstanding ties between Pakistan and the UAE. The prime minister invited Emirati businesses to explore investment opportunities in Pakistan. Sheikh Maktoum reiterated Dubai’s commitment to further strengthening economic and cultural ties with Pakistan. He welcomed the enhanced collaboration in emerging sectors, including artificial intelligence and climate resilience initiatives. Both leaders agreed to continue high-level engagements to foster greater bilateral cooperation and explore new avenues for economic and strategic collaboration.

The prime minister thanked the UAE leadership for its steadfast support and exceptional care extended to the Pakistan community in the UAE. Sheikh Mohammed bin Rashid highly appreciated the contributions made by the Pakistan diaspora and their dedication towards the UAE’s development.

The prime minister also met with Chairperson of the Presidency of Bosnia and Herzegovina Zeljka Cvijanovic and underscored the importance of strengthening bilateral ties and exploring new avenues for mutual cooperation. The prime minister also extended his best wishes for Bosnia and Herzegovina’s bid to join the European Union (EU).

In response, Chairperson Cvijanovic thanked the Prime Minister for Pakistan’s goodwill and expressed her country’s eagerness to deepen ties with Pakistan, particularly in the fields of trade and investment.

Shehbaz Sharif held a bilateral meeting with Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, Prime Minster of the State of Kuwait. The two leaders reiterated their commitment for further expanding the bilateral cooperation and transforming the existing relations into mutually beneficial strong economic partnership.

In another meeting, Pakistan and Sri Lanka have agreed to increase high-level exchanges and explore new opportunities for enhanced cooperation. This understanding was reached at a meeting between Prime Minister Shehbaz Sharif and Sri Lankan President Anura Kumara Dissanayake in Dubai. Recalling the historical linkages between Pakistan and Sri Lanka, they agreed to build on the existing goodwill between the two countries. Both sides discussed key aspects of bilateral relations, especially in the areas of trade, defence and security, education, religious tourism and sports. The Sri Lankan president appreciated the cordial and time-tested relations between the two brotherly countries. He shared his fond memories of the 1996 cricket world cup final that was held in Lahore.

PM Shehbaz Sharif also held discussions on bilateral matters with Group Chairman and CEO of DP World Sultan Ahmed bin Sulayem. The prime minister commended the successful recent visit of the DP World delegation to Pakistan, which fostered meaningful investment collaboration between the two sides, a Prime Minister’s Office news release said.

He lauded DP World’s role in enhancing Pakistan’s trade and logistics infrastructure and reiterated Pakistan’s commitment to the swift completion of Intergovernmental Agreements (IGAs). Acknowledging DP World’s strategic vision, the prime minister recognized the company’s potential to expand operations in Pakistan, capitalizing on the country’s strategic location.

Sultan Ahmed bin Sulayem expressed gratitude for Pakistan’s ongoing support and reaffirmed DP World’s commitment to timely project completions and exploring new avenues for cooperation. The DP World Chairman also announced the establishment of a dedicated exhibition hall in the UAE to promote Pakistani products, a move that will enhance access to the Emirati market and boost the visibility of Pakistani goods. Prime Minister Sharif welcomed this initiative, highlighting its potential for fostering deeper economic ties.

Later, the prime minister visited the Edge of Government exhibition. He was briefed at the exhibition, based on global examples of improved governance and initiatives in various departments of governments. The prime minister also met with the experts, providing modern solutions to challenges in various sectors.

Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, Federal Ministers Khawaja Muhammad Asif, Sardar Awais Ahmed Khan Leghari, Muhammad Aurangzeb, Attaullah Tarar and Special Assistant Tariq Fatemi also accompanied PM Shehbaz Sharif. Later the prime minister departed for Pakistan. At Dubai International Airport, UAE Minister for Justice Abdullah bin Sultan bin Awad Al Nuaimi saw off the prime minister.