ISLAMABAD: The Implementation Committee (IC) of Special Investment Facilitation Council (SIFC) has decided to hire services of A-Ranking internationally reputed project development, financial and legal consultancy firm for undertaking feasibilities/ bankable projects, well informed sources in Board of Investment (BoI) told Business Recorder.
This task has been assigned to Secretary Ministry of Planning, Development and Special Initiatives and Chief Executive Officer.
The decision was taken by the Committee of the SIFC which held a meeting on December 7, 2023 presided over by Secretary SIFC. The meeting was attended by civil and military officials.
Projects with ‘sizeable’ investment under SIFC to be signed before elections: PM
DG-SIFC delineated three substantial developments that recently took place under the ambit of SIFC: (i) seven MoUs in key areas of mutual economic interests have been signed during the caretaker Prime Minister’s two-day official visit to UAE in November 2023, that will unlock multi-billion dollars of investment from the UAE into Pakistan; (ii) a framework agreement has been signed with the State of Kuwait to forge deeper economic engagement in multiple fields including trade, energy, IT, human resource, mineral and investments; (iii) the Cabinet approved to discard the Model BIT template, and Pakistan successfully negotiated to include graduated approach for settlement of investment disputes with KSA and Qatar. This has paved way for the imminent signing of the long pending Free Trade Agreement (FTA) with GCC countries.
He appreciated efforts of all stakeholders involved in actualization of the said developments. Furthermore, DG-SIFC reiterated the direction of Pakistan’s top leadership during the Special Apex Committee (AC) meeting held on November 24, 2023, that all Federal Secretaries and Provincial Chief Secretaries must spearhead the expeditious development of bankable feasibilities and investment projects within their designated sectors. He stressed that well considered investment projects are imperative to reap true dividends of the aforesaid MoUs and Agreements.
The meeting decided that the Sectoral Working Groups (SWG) should be utilised to the fullest. Conveners can add members on need basis. They are also empowered to co-op members/ invite special participants for specific purpose such as PIDE, SDPI, LUMS, NDMF, COMSAT, NUST, SUPARCO, etc.
As per the instructions for SWGS already circulated by SIFC Secretariat, SWG meetings be held on weekly basis to expedite necessary inter-ministerial and inter- departmental consultations / consensus on cross cutting issues, and regularly recommend well deliberated agenda items for AC, EC, and IC meetings.
The meeting decided that 4-5 well-researched and deliberated upon preliminary concept notes/ investment proposals/ working papers for potential investment projects be submitted on which a comprehensive bankable feasibility study could be developed in key areas. SWGs would finalise these proposals for discussion at the eighth EC and subsequent support from P3A.
The meeting sought list of milestones, actionable items, dependencies and timelines for the following items to expeditious completion of these initiatives: (i) integration of Regulators with e-Services Portal of SECP; (ii) Sectoral Mapping and Regulatory Transformation (SMART); (iii) development of E-Registry; (iv) self-assessment by Regulators; (v) Regulatory Impact Assessment (PIA) Guidelines and ;( vi) Pakistan Business Portal, i.e., Assan Karobar Act and establishment of NRDO.
The meeting directed all Federal/ Provincial Ministries/ Departments and SIFC Secretariat to hold regular consultative sessions with domestic and foreign private sector, and bolster public-private dialogue to seek feedback and gauge the demands, interests, and expectations of the business community in order to successfully draft/ revise effective investor friendly policies in all sectors of the economy.
Monthly sessions with local and foreign business communities to be held by each economic ministry and feedback received from these sessions be discussed in concerned SWGs as a regular agenda item. Also, regular 1 pager summary of investors/ private sector feedback during each monthly session will be submitted to SIFC Secretariat for information.
Meanwhile, caretaker Prime Minister, Anwar-ul-Haq Kakar has taken serious note of Ministries sending junior officers in meetings of SIFC.
According to communication from Secretary to Prime Minister, Khurram Agha, it has been observed that the Federal Ministries/ Divisions are being represented by the Additional Secretaries and Joint Secretaries in the SIFC Executive Committee meetings, adding that such practice erodes the efficacy of decisions taken at the level of Executive Committee.
In his communication with all the Ministries, Special Secretary to PM has stated that in view of this situation, caretaker Prime Minister has directed that Federal Ministry/ Division be represented by Secretary or Additional Secretary (In-charge). In case of unavoidable circumstances, Special Secretary of the Ministry/ Division concerned may attend the meeting with the prior permission of Minister In-charge.
Copyright Business Recorder, 2023
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