Facilitating investors govt’s top priority, says minister

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that it should be the government’s top priority to provide facilities to the investors in the country.

The minister expressed these views while chairing a high-level meeting to review the progress of Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC).

The meeting, held in Islamabad on Wednesday, was attended by senior officials from the Special Investment Facilitation Council (SIFC),

the Board of Investment (BOI), and the Ministry of Planning.

During the meeting, officials from the SIFC provided a comprehensive briefing on the latest updates regarding the infrastructure and operational status of SEZs across the country.

The minister emphasised the importance of ensuring investor facilitation, noting that imposing excessive costs on investors could deter their interest. He stressed that providing efficient and investor-friendly facilities should be the top priority of the government.

The minister highlighted that Pakistan’s development trajectory has faced hurdles over the past 77 years. Drawing lessons from countries such as China, South Korea, Vietnam, and Malaysia, he identified political stability, peace, policy continuity, and reforms as the four key elements for a sustainable development. Citing Turkey’s rapid progress under Tayyip Erdogan’s leadership and India’s growth despite challenges like corruption, Iqbal underscored the importance of consistent policies for economic growth.

He expressed concern about the disparity in economic performance between Pakistan and its regional counterparts, urging a long-term commitment to economic reforms. “If, by 2047, the per capita income of Indian Muslims surpasses ours, what will we tell our future generations,” he asked. He termed the next 23 years as critical for Pakistan to compete in the global development race.

The minister emphasised the need to prioritise the operationalisation of existing SEZs over establishing new ones.

He directed the concerned authorities to ensure the provision of basic infrastructure, including electricity and water, in all SEZs and to align the rules of technology zones with those of economic zones for enhanced synergy. Additionally, he stressed learning from Vietnam’s SEZ model and adopting their best practices to improve the performance of Pakistan’s industrial zones.

To address the energy challenges in Gilgit-Baltistan, Iqbal instructed relevant authorities to facilitate Chinese solar companies in initiating solar energy projects in the region.

He also called for the development of an action plan and monitoring matrix to accelerate the population of industrial zones, with all ministries and provinces playing a proactive role in this effort.

The minister concluded by emphasising the need for a robust monitoring mechanism for SEZs and urged the implementation of reforms that can transform these zones into engines of economic growth.

Copyright Business Recorder, 2024