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ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar has stated that the government has introduced comprehensive reforms for foreign investment with transparent regulations, streamlined procedures and robust legal frameworks.

The caretaker prime minister stated this while speaking after witnessing the signing ceremony between Pakistan Mineral Development Corporation (PMDC) and Miracle Saltworks Collective Inc of (USA) for joint venture agreement for value addition and export of pink salt.

Kakar said the MSCI decision to invest $200 million in Pakistan is a resounding vote of confidence in Pakistan’s economic policies. This is also testimony to the stability and security that Pakistan offers as an investment destination, he added.

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He further stated that the agreement will not only pave the way for the export of Pakistan’s pink rock salt but also symbolizes a landmark achievement for the country’s investment climate. He said that substantial investment is not about salt but about trust partnership and shared prosperity.

The caretaker prime minister said that the scope of our endeavour should go beyond the pink slat project and utilize the full potential of the mining sector to become a new driver of Pakistan’s economic growth. Kakar added that the government has introduced comprehensive reforms to create a level playing field for investors with transparent regulations, streamlined procedures and robust legal frameworks.

He said that the Special Investment Facilitation Council (SIFC) plays a pivotal role to create an enabling environment and facilitate foreign direct investment (FDI).

He said that established in June 2023 with a vision of the whole of the government approach, the SIFC serves as one window operation to investors offering guidance, support, and streamlined approvals. He said that SIFC works to remove impediments in the investment process and through SIFC the government is actively promoting investment sectors such as mine and minerals, information technology, agriculture and livestock as well as industry and tourism.

The premier maintained that the government stands committed to the extend all possible support to investors to facilitate more FDI and is constantly working to improve ease of doing business, eliminating unnecessary bureaucratic hurdles and ensuring a smooth regulatory environment.

Copyright Business Recorder, 2024

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