SIFC initiative: 4 key areas: diplomatic missions briefed about opportunities

ISLAMABAD: A briefing session for the resident diplomatic missions in Islamabad on the Special Investment Facilitation Council (SIFC) was convened by the foreign secretary at the Ministry of Foreign Affairs focusing on investment opportunities in Pakistan in four key areas – information technology, agriculture, energy and mining.

Special Assistant to Prime Minister on Government Effectiveness Dr Jehanzeb Khan made a detailed presentation informing the diplomatic corps on the establishment and various aspects of the Council.

He particularly highlighted investment opportunities in Pakistan in four key areas: IT, agriculture, energy, and mining. The participating diplomatic missions were requested to brief and encourage their countries to profit from the promise of Pakistan being a resource-rich country. The briefing session was also attended by senior officials of the Ministry of Foreign Affairs.

The government of Pakistan has recently constituted the SIFC to serve as a “One-Window” platform to fast-track decision-making and promote as well as facilitate foreign direct investment in the country.

The plan envisages capitalising Pakistan’s untapped potential in key sectors of defence production, agricultural/livestock, minerals/mining, IT, and energy, through indigenous development as well as investments from friendly countries.

To fast-track the development of projects, the establishment of SIFC has been undertaken to act as a “Single Window” interface for potential investors as well as to adopt a unified approach.

The setup is aimed at creating horizontal-vertical synergy between federation and provinces; facilitating timely decision-making; avoiding duplication of effort; and ensuring swift project implementation.

It is chaired by the prime minister with members including federal ministers, provincial chief ministers, and high army officers.

Copyright Business Recorder, 2023