ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Tuesday highlighted the government’s efforts to improve the efficiency of Pakistan’s power sector during a meeting with the Chairman of the Board of Directors of K-Electric, Mark Skelton.

Pakistan’s power sector faces chronic issues, including inefficiencies, high losses and financial instability. The sector is largely composed of power generation companies (Gencos) and distribution companies (Discos), both of which have struggled with outdated infrastructure, circular debt and poor management.

The government has initiated several reforms aimed at addressing these challenges, particularly focusing on enhancing operational efficiency and ensuring more reliable power delivery across the country.

“The Minister recounted the structural reforms being undertaken in the power sector, including the reconstitution of Boards of Directors of Discos by bringing in professionals from the private sector and reducing the number of government nominees to bring in more efficiency in the boards and improve overall service delivery,” said a statement released by the finance division after the meeting.

“He reiterated the government’s resolve to ensure private sector participation in all government-owned Discos and Gencos and mentioned the start of the process of privatizing three Discos in line with the Prime Minister’s vision to enable and facilitate the private sector to lead the economy,” it added.

K-Electric, Pakistan’s largest private utility company, is responsible for generating, transmitting and distributing electricity to Karachi and its surrounding areas.

Its top official briefed the minister about the utility company’s plans to cater to the growing energy demands of Karachi, adding that it wanted to transition to renewables to ensure affordable and sustainable energy for the residents of the port city.

The minister lauded the initiatives taken by K-Electric for further investment and expansion of its power generation and distribution operations, promising full support to make the transition to cheaper electricity possible.

ISLAMABAD: A group of Pakistani information technology professionals are participating in an international conference focusing on cutting-edge advancements in the field of artificial intelligence (AI), said Pakistan’s diplomatic mission in the kingdom on Tuesday, where they will exchange ideas with other experts.

The Global AI Summit, which is taking place in Riyadh from September 10 to 12, comes at a time when Pakistan is making efforts to boost its exports, particularly in the field of IT, and attract foreign investment to cut its reliance on foreign debt to support its $350 billion fragile economy.

Last month, Pakistan held its own IT and telecom festival featuring over 750 local and global companies as well as foreign delegates from Saudi Arabia, the United Arab Emirates and 15 other countries.

This is the third edition of the Global AI Summit, which will cover key topics in the field of AI, including innovation and industry trends to shape a brighter future and cultivate an enabling environment for technology experts.

“Excited for @globalaisummit in Riyadh #GAIN 2024, shaping the future of AI with top [global] experts,” the Pakistan embassy in Saudi Arabia said on X. “Proud to see [Pakistani] IT pros like Mr. Yasar Ayaz and Mr. Shoaib Ur Rehman sharing insights on “Inclusive Tech Solutions: Bridging Gaps and Empowering Diverse Communities” today.”

Ayaz and Rehman are recognized for their expertise in the fields of information technology and cyber security. They have both made significant contributions to Pakistan’s IT sector and have been involved in initiatives to promote IT education, awareness and digital innovation.

A day earlier, a memorandum of understanding was also signed between the United States-based DS Technology Services and Zeki Expert Solutions from Islamabad at the Pakistan embassy.

Last May, Pakistan’s State Minister for Information Technology Shaza Fatima told a tech event the government had set a target of $25 billion for IT exports. Pakistan has also established four new special technology zones that can house up to 50,000 professionals, with an annual export potential of $350 million.