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Pakistan

SIFC to propel Pakistan’s industrial and agriculture growth: PM Shehbaz

  • Addressing Chinese companies, prime minister says partnership entering new phase as procedures are being simplified and streamlined
Published August 7, 2023

Prime Minister Shehbaz Sharif on Monday said the newly-launched Special Investment Facilitation Council (SIFC) would propel growth in Pakistan’s industrial and agricultural sectors.

Addressing an award distributing ceremony among Chinese companies that rendered valuable services in CPEC projects in Pakistan, PM Shehbaz lauded the foreign investment.

Terming SIFC as a ‘great initiative’, the prime minister said that SIFC includes representation from both federal and provincial governments.

“It will include our institutions particularly the institution of Pakistan Army, lead by COAS General Asim Munir, who has personally contributed in this programme in a way that has no parallel in the past,” he said.

PM Shehbaz said the Army Chief remains “totally dedicated to the cause of Pakistan”.

“SIFC will dovetail with this entire CPEC mechanism and will be a propeller in terms of Pakistan’s industrial and agricultural progress,” said PM Shehbaz.

China’s He to mark 10th anniversary of CPEC

The prime minister lauded the role of Chinese leadership in times of economic hardships in Pakistan.

“It is not wrong to conclude that Chinese companies and the government under the leadership of President Xi Jinping have contributed in a way unknown in recent history.”

He said the Chinese companies made more than $30 billion investment in different development projects in Pakistan, which is highly commendable.

“They have transformed the economic landscape of Pakistan. Now we are entering into the second phase of CPEC, which boosts IT and green corridors, as well as Special Economic Zones (SEZs) i.e. Rashakai,” said PM Shehbaz.

The prime minister said these projects would be undertaken through B2B model, under the umbrella of Pakistan and China government.

Addressing Chinese companies, the PM admitted that the companies have faced problems in Pakistan in the past. “I can assure you, those times are over, we are entering into a new phase of cooperation between the two countries, we are streamlining and simplifying the procedures,” he said.

Comments

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Johnny Walker Aug 07, 2023 02:44pm
Boot licking goes on and on. This guy knows that the key to remain out of jail is through the Boots.
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Tariq Qurashi Aug 07, 2023 04:33pm
If the government is sincere about streamlining procedures for both FDI and local investment, then is needs to get rid of the excessive red-tape associated with establishing new enterprises. I think someone needs to study the reforms brought into India in 1991 because we need to do something similar. India's economy took off after 1991 when they got rid of all the unnecessary red-tape and licensing which was holding their economy back.
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Ash Chak Aug 08, 2023 12:43am
This is what the man in charge of Pakistan thinks. That the formation of a committee will change the fortunes of the country. That’s like putting lipstick on a terminally ill patient.
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Irfan Aug 08, 2023 06:47am
@zh, Allah Pak Kram kre
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Irfan Aug 08, 2023 06:47am
Alhamdulillah
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