Prime Minister Shehbaz Sharif has underscored the pivotal role of the Special Investment Facilitation Council (SIFC) in fostering foreign investment, during his address to the SIFC's Apex Committee meeting in Islamabad on Thursday.
Highlighting the SIFC as a cornerstone of Pakistan's comprehensive strategy for economic recovery, Prime Minister Shehbaz Sharif emphasized the imperative of addressing the nation's current economic challenges and crises.
"The SIFC has a key role in removing obstacles in the way of foreign investment. It is a manifestation of the country's comprehensive strategy of 'economic recovery'. Pakistan has to get rid of the current economic problems and crises," he stressed at the conclusion of the Apex Committee meeting.
Expressing his determination to pave the way for increased foreign investment in Pakistan, Prime Minister Shehbaz Sharif outlined the council's aim to promote the concepts of 'one government' and 'collective government' to facilitate investment projects and accelerate their implementation across the country.
"The implementation of investment projects in the country will be accelerated," Shehbaz stressed.
He called the platform "very important" for economic development and foreign investment. Under the project, the PM said, the country's real potential in sectors like agriculture, livestock, minerals, mining, information technology, energy and agricultural production would be utilized.
Steps are being taken under the initiative to increase Pakistan's local productivity and investment from friendly countries through these sectors, he added.
Lauding the "extraordinary efforts" of the military leadership in ensuring the success of the platform and attracting foreign investors through streamlined processes, Prime Minister Sharif acknowledged the provision of a 'single window' facility to investors from foreign countries.
Furthermore, Prime Minister Shehbaz Sharif highlighted the importance of fostering cooperation between the federal and provincial governments under this initiative. He highlighted that the Apex Committee worked effectively and efficiently during the caretaker government also.
PM Sharif said it was a welcome development for everyone to come together to deal with the economic challenges facing the country. "In the current situation, it is the need of the hour for everyone to sit together," he stressed.
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The introductory meeting of the committee was attended by federal ministers and the military leadership, including army chief Gen Asim Munir, Punjab Chief Minister Maryam Nawaz, Sindh Chief Minister Murad Ali Shah, Balochistan Chief Minister Sarfraz Bugti and Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur.
Earlier, Prime Minister Shehbaz Sharif welcomed all the participants for attending the meeting, with special gratitude expressed to the chief ministers.
Former caretaker prime minister Anwarul Haq Kakar and his cabinet also attended the meeting and briefed the committee on the steps they took under the SIFC, as per sources. The meeting also reviewed progress on the projects launched so far for the promotion of foreign investment.
The country's overall economic and national security situation was also discussed in the meeting, the sources added. The meeting was also likely to consider investment opportunities in the country and the interest from friendly countries.
It should be noted that the Special Investment Facilitation Council (SIFC) is also playing an important role in harmonizing the financial expenses of the federal government and the provinces.
With an estimated allocation of Rs1 trillion in federal funding, the council is facilitating subsidies and projects falling within provincial jurisdiction. These encompass critical initiatives such as the Benazir Income Support Program (BISP), the Public Sector Development Program (PSDP), as well as investments in higher education, electricity provision for tube wells, and fertilizer subsidies.
The long-term goal of SIFC's efforts is to reduce financial strains on the federal government while ensuring optimal utilization of funds at the provincial level.
Declaration
The SIFC Apex Committee, chaired by Prime Minister Shahbaz Sharif, issued a declaration following its meeting. Attended by chief ministers from all four provinces, federal cabinet members, and Army Chief General Asim Munir, the committee also included former caretaker Prime Minister Anwarul Haq Kakar and members of the caretaker cabinet.
PM Sharif commended the caretaker government's efforts in advancing the nation's economic goals, affirming continuity with the objectives set forth by the SIFC.
Emphasizing consensus-building, the committee underscored the importance of collaborative efforts to overcome the country's economic hurdles.
The statement highlighted Army Chief General Asim Munir's commitment to wholeheartedly back and aid in the initiatives aimed at rejuvenating the nation's economy.
To surmount the challenges confronting the country, the apex committee stressed the imperative of advancing together with consensus.
