Prime Minister Shehbaz Sharif reiterated the indispensable role of the Special Investment Facilitation Council (SIFC) in bolstering foreign investment during his address to the Apex Committee meeting on Thursday. Asserting the SIFC’s significance as a linchpin of Pakistan’s overarching economic recovery strategy, Prime Minister Shehbaz Sharif underscored the urgency of tackling the nation’s current economic tribulations.
“The SIFC stands as a vital conduit for clearing hurdles obstructing foreign investment, epitomizing the nation’s comprehensive economic recovery strategy. Pakistan must surmount its prevailing economic woes and crises,” emphasized the Prime Minister at the conclusion of the Apex Committee gathering.
Expressing resolute determination to pave the way for heightened foreign investment in Pakistan, Prime Minister Shehbaz Sharif delineated the council’s objective to champion the concepts of ‘one government’ and ‘collective government’ to streamline investment ventures and expedite their realization nationwide.
“We are committed to expediting investment projects across the nation,” emphasized Shehbaz.
He lauded the platform as “extremely pivotal” for economic growth and foreign investment, outlining its goal to harness the country’s true potential across sectors including agriculture, livestock, minerals, mining, information technology, energy, and agricultural production.
Efforts are underway under the initiative to bolster Pakistan’s domestic productivity and attract investment from friendly nations through these sectors, he added.
Commending the “remarkable efforts” of military leadership in ensuring the platform’s success and enticing foreign investors through streamlined processes, Prime Minister Sharif acknowledged the provision of a ‘single window’ facility to foreign investors.
Furthermore, he stressed the importance of fostering cooperation between federal and provincial governments under this initiative, noting the effective collaboration of the Apex Committee during the caretaker government’s tenure.
PM Sharif underscored the imperative for unified action to tackle the country’s economic challenges, stating, “In the current scenario, it is imperative for all stakeholders to come together.”
The inaugural meeting of the committee was attended by federal ministers, 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.
Former caretaker Prime Minister Anwarul Haq Kakar and his cabinet also participated in the meeting, briefing the committee on their initiatives under the SIFC. Progress on projects aimed at promoting foreign investment was reviewed during the session.
The meeting also deliberated on the country’s overall economic and national security situation, along with exploring investment opportunities and interest from friendly countries.
The Special Investment Facilitation Council (SIFC) plays a crucial role in aligning the financial expenditures of the federal government and provinces, harmonizing initiatives such as the Benazir Income Support Program (BISP) and the Public Sector Development Program (PSDP), alongside investments in higher education, electricity provision for tube wells, and fertilizer subsidies.
With an estimated allocation of Rs1 trillion in federal funding, the council facilitates subsidies and projects within provincial jurisdiction, aiming to alleviate financial burdens on the federal government while ensuring optimal fund utilization at the provincial level.
In a declaration issued following the meeting, chaired by Prime Minister Shehbaz Sharif, the SIFC Apex Committee reaffirmed its commitment to advancing the nation’s economic goals, emphasizing consensus-building and collaborative efforts to surmount economic challenges. Army Chief General Asim Munir pledged unwavering support for initiatives aimed at rejuvenating the economy, underlining the imperative of collective action to overcome obstacles confronting the country.
