SIFC for sharing 10 investible plans with KSA

ISLAMABAD: Special Investment Facilitation Council (SIFC) has sought ten investible projects from Power Division by October 31, 2024, to be shared with Kingdom of Saudi Arabia (KSA) as a follow-up of recent visit of over three dozen Saudi companies under the leadership of Saudi Investment Minister, Khalid bin Abdulaziz Al-Falih, well informed sources told Business Recorder.

SIFC maintains that amid Pakistan’s current economic challenges, including a high import bill and foreign exchange shortages, developing an investible project pipeline is crucial for boosting industrialisation, creating jobs, and enhancing exports.

SIFC focused on attracting foreign investment in the country further stated that the Prime Minister has a strong focus on attracting investment to revitalise the economy. In this regard, friendly countries are being engaged, regional desks have been established at SIFC and Focal Ministers have been appointed to synergize investment attraction effort.

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SIFC has requested Power Division to prepare marketable investment projects in following areas having commercial viability, in consultation with relevant stakeholders including Provincial Governments instead of conceptual areas keeping in view clear guidelines given by the Focal Minister from time to time:

(i) smart grids to enhance the efficiency of electricity distribution;

( ii) high-capacity transmission lines connecting power-generating regions to urban centres;

(iii) upgrading substations with advanced technology to reduce transmission losses; and

(iv) large-scale Battery Energy Storage Systems (BESS) projects to stabilize energy supply.

“A pipeline of at least 10 investible projects with capital structuring, clear governance, financial and business models be developed. To make them marketable, incentives from available industrialisation schemes of the Government in terms of STZ, SEZ and EPZ be aligned. Additionally, Private Sector be also consulted for generation of an additional pipeline of 5 B2B project proposals on similar lines,” the sources quoted SIFC as conveying to the Power Division.

Furthermore, Public Private Partnership Authority (P3A) can be approached to assist in preparation of project proposals through a reputable consultancy firm.

In view of the foregoing, SIFC requested Power Division to update on development of investible projects in various areas and share it with its Secretariat latest by October 31, 2024.

Pakistan and Saudi Arabia on Thursday signed 27 Memoranda of Understanding (MoUs) valued at US $2.2 billion in various sectors including industry, agriculture, Information Technology (IT), food, education, mine & minerals, health, petroleum, energy and other areas of mutual cooperation.

Prime Minister Shehbaz Sharif hoped that in future there would be many more such ceremonies both in Saudi Arabia and Pakistan. He assured the Saudi delegation that the MoUs signed would materialise and there would be no delay or red tape-ism in the implementation process.

Copyright Business Recorder, 2024