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ISLAMABAD: Prime Minister Shehbaz Sharif has stated that the promotion of foreign investment is government’s first priority, to turn the challenges into opportunities, adding that the investors would be provided all possible facilities.

The premier said this while presiding over a meeting to review progress on foreign investment on Tuesday.

The meeting also reviewed the progress on agreements and memorandums of understanding (MoUs) with Gulf countries under the Special Investment Facilitation Council (SIFC).

Jul-Feb FDI down 17pc to $820.6m YoY

The meeting was further informed that investment is expected from the Gulf countries in energy, especially renewable energy, oil refining, mining, food security, banking and financial services, logistics, water supply and waste management sectors.

The prime minister said that special cells would be established for innovation and research within federal ministries for investment. The establishment of the SIFC has helped restore the confidence of the investors, he added.

Shehbaz also directed that a feasibility study should be conducted for such projects which have the potential to attract investors, adding the services of internationally-renowned experts should be obtained in this regard. He said that there should be no compromise on the quality of the projects that are presented for investment.

The premier also directed all the ministries to further improve their relations with the Gulf countries regarding the progress on their respective MoUs.

He directed that all necessary requirements should be fulfilled regarding foreign investment in Muzaffargarh, Layyah and Jhang solar energy projects. In addition, the prime minister also instructed to conduct a feasibility study for railway connectivity from Reko Diq to Gwadar Port. He further directed that steps should be taken regarding foreign investment in Chiniot Iron Ore project, and work should be started on the railway line to access to Thar Coal power plants.

The meeting was informed that the dredging work of Gwadar port has been completed and now big ships can anchor over there.

Federal Ministers for Naval Affairs Qaiser Ahmed Sheikh, Power Owais Ahmed Khan Laghari, Economic Affairs Ahad Khan Cheema, Special Assistant to the Prime Minister Tariq Fatemi, Member of the National Assembly Bilal Azhar Kayani and relevant senior government officials attended the meeting while the Federal Ministers for Finance Muhammad Aurangzeb, Planning Ahsan Iqbal, Petroleum Musadik Malik and Minister of State for Information Technology and Telecom Shaza Fatima participated in the meeting through a video link.

Copyright Business Recorder, 2024

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Arif Apr 03, 2024 09:06am
Promoting rule of law entirely and not piece meal is a basic requirement for promoting investment, locally as well as foreign.
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