Solar companies going bankrupt: Mian Zahid Hussain - Press Release issued by Pakistan Businessmen and Intellectuals Forum.

Karachi -- September 21, 2022 (PPI-OT)

Following is the text of press release issued by Pakistan Businessmen and Intellectuals Forum (PBIF)

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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...