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Print Print 2023-08-18

Interim govt will ensure full use of SIFC forum: Kakar

  • Says Special Investment Facilitation Council will play its key role for the improvement of the country’s economy
Published August 18, 2023

ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Thursday said the caretaker government will ensure full use of the Special Investment Facilitation Council (SIFC) forum to exploit the vast potential for foreign investment in the fields of agriculture, mining and minerals, IT, energy and defense production.

The caretaker premier was given a detailed briefing on the SIFC established to increase foreign investment in the country. The briefing was attended by Jameel Ahmed Qureshi, secretary SIFC and Jehanzeb Khan, secretary implementation SIFC.

Kakar was informed about the steps taken to create opportunities for foreign investment in agriculture, mining and minerals, IT, energy and defense production under the SIFC. The meeting was attended by Jehanzeb Khan, secretary implementation SIFC and Jameel Ahmed Qureshi secretary SIFC.

Caretaker PM meets Saudi ambassador, assures SIFC will accelerate efforts to attract Saudi investments

He was further informed about the government’s approach to increase foreign investment and facilitate investors under SIFC. Under this strategy, investors will be provided one-window facility for projects, he was told.

The prime minister appreciated the efforts of Jehanzeb Khan and Jameel Ahmad Qureshi to promote investment in the country under SIFC.

The premier added that the SIFC will play its key role for the improvement of the country’s economy. There is immense potential for foreign investment in tourism and infrastructure projects, he said, adding that special attention will also be given to the development of these sectors under the umbrella of SIFC.

Kakar said the international quality infrastructure is of key importance for the promotion of foreign investment and for the improvement of Pakistan’s energy sector, the regulatory structure should be aligned with contemporary international requirements.

He added that Pakistan has vast potential for foreign investment in the fields of agriculture, mining and minerals, IT, energy and defense production and the caretaker government will ensure full use of SIFC’s forum.

The caretaker government will devote all its energies to the stability and development of Pakistan’s economy during its short tenure, he said and added that SIFC is a ray of hope for Pakistan’s economic development.

Copyright Business Recorder, 2023

Comments

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zaya zaya Aug 18, 2023 06:30am
Making speeches are easy and for two months the same speeches have been rotated and repeated, we will do this and that and will ensure this and that, BUT HOW? Immediately cancel all development funds authorised/issued by PDM as election bribe to save the govt funds as part of Fiscal Control. No one is going to invest in an Economy controlled by the Partial Law. FDI is most suitable where there is a stable Political Economy, means all its element Systems are stable Political Policies, Economic Policies, Legal Systems IPP, Rule of Law, ease of Business and its Protection of Contracts and Ventures ensuring Profits and its repatriation, Technological and Digital Systems and its implementation barriers. IMF loan SBA condition was that elections are held in 9 months by end march 2024, so that loan instalment 2 is given to caretaker and 3 is given to the new elected govt. Anything either side of it will be in chaos and will faulter.
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Shahid Khan Aug 18, 2023 11:18am
Sir, would someone will invest in a country where due to political differences; police come and destroy your businesses? Are you sure about this? If not then the problem lies in rule of law!
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Tariq Qurashi Aug 18, 2023 12:41pm
The SIFC needs to ensure the interests of the country are catered to in each of the SIFC target areas identified. We have an example of very poor contract negotiation with the IPPs; this should not be repeated. All bidding must be transparent, and the initiatives undertaken must me seen to benefit Pakistan as a whole and not a select few. Also one of the mandates of the SIFC is to simplify the investment process and get rid of red-tape. This should be done to facilitate not only foreign investors but local investors as well. Trying to just bypass the horrendous red-tape investors are faced with is not the solution. The SIFC must work on reforming and simplify the investment process, and get rid of all the unnecessary rules, regulations and permissions that obstruct and impede potential investors both local and foreign.
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Jeremy Aug 19, 2023 11:18am
@Shahid Khan, Not a chance in millions years!
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