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Pakistan is teaming up with China to start making solar panels in Pakistan. This collaboration is a significant step forward as it enables Pakistan to produce its own clean energy and reduce the hefty $27 billion bill it incurs from importing energy-related products.
The Alternate Energy Development Board has outlined a 10-year plan to kickstart solar panel and associated equipment manufacturing in Pakistan. With China’s assistance, Pakistan aims to generate around 9.7GW of renewable energy by 2030. The government is fully backing this initiative, which bodes well for businesses in this sector.
During a session in the National Assembly, Federal Law Minister Nazir Tarar revealed the government’s intention to partner with China in solar panel production. Additionally, they plan to lower taxes on solar panels and crack down on electricity theft to address the rising electricity prices. The demand for solar panels is on the rise due to increasing electricity costs, prompting the government to facilitate their production.
Given Pakistan’s abundant sunlight, it’s an ideal location for solar power generation. Moreover, the cost of generating electricity from solar power is comparatively low, making it a cost-effective alternative to traditional methods like oil and gas. Prime Minister Shahbaz Sharif has established a task force to drive solar energy initiatives, offering tax incentives and affordable loans to encourage widespread adoption and alleviate the persistent issue of power shortages.
