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Business

Solar companies going bankrupt: Mian Zahid Hussain

Karachi, September 21, 2022 (PPI-OT):Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said solar energy is being prioritized all over the world, but this industry is being destroyed in Pakistan under a plan. The Prime Minister and Ministers are making announcements to generate 9000 megawatt electricity through solar energy and expand the solar industry while the bureaucracy is bent upon destroying this important sector, he said.

Mian Zahid Hussain said that countries, where the sun does not rise even for a hundred days in a year, are investing heavily in solar energy while Pakistan which is rich in this resource is eliminating this industry.

Talking to the business community, the veteran business leader said that last year Pakistan imported oil and gas worth twenty billion dollars while ten billion dollar could have been saved by producing ten thousand megawatts from solar energy. He said that the import of solar panels has been subject to the approval of the central bank and no LC has been opened for the past two and a half months.

The government moves have led to a shortage of solar panels and other equipment in the country and made it impossible for the solar companies to honour their commitments, he added.

He said that solar companies are suffering from huge losses while the companies which have imported hundreds of containers are also going bankrupt because they are not being given the clearance papers. The goods, which were ordered at the rate of one hundred and eighty rupees per dollar, would now cost the companies at least 250 dollars, which would be enough to bankrupt them.

Mian Zahid Hussain said that NEPRA is currently acting in the interest of power distribution companies instead of the public and issuing orders to discourage solar power which is deplorable. Those who have installed solar systems and sell their electricity to distribution companies through net metering will see their profit reduced which is a major blow to the consumers and industry.

For more information, contact:
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net

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