Govt to tap defence production export potential
Federal Minister for Planning Development and Special Initiatives Ahsan Iqbal addressing a press conference in Islamabad to mark a decade of the signing of the CPEC on July 5, 2023. SCREENGRAB
Federal Minister for Planning and Development Ahsan Iqbal on Wednesday said the export potential of defence production would be tapped under the recently formed Special Investment Facilitation Council (SIFC).
“The foreign investors will be given all facilities under one roof in five potential sectors, which have been identified,” the federal minister said this while addressing a news conference.
Iqbal said the meeting of the SIFC Apex Committee was held under the chairmanship of Prime Minister Shahbaz Sharif and the political and military leadership participated in it.
He said, “Agriculture is also a sector under this project, which will be promoted. The government will bring investment in modern farming and technology in the agriculture sector.”
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The prime minister will inaugurate the Agricultural Information Management System on July 7.
“The government's priority is to shift energy to fossil fuels in the energy sector, and incentives will be given in solar energy,” he said.
He said that the Information Technology (IT) sector had a lot of potential, where youth could make a huge contribution to the country's economy.
“The government's main focus is to increase exports in the IT sector,” the minister said, hoping that there would be rapid development in the IT sector in Pakistan.
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He said, "We need to pay attention in the mineral sector to maximise our exports.”
Iqbal said that Pakistan would go for a road show to invite the mining companies of the world to enhance production.
He said the government formed this council to promote direct investment in Pakistan, adding that the volume of foreign direct investment (FDI) in Pakistan is $1.5 billion now.
There are more than $2 trillion FDIs in the world and every country was trying to become an attractive country for FDI.
He said a country could develop only through FDI and every developing country had resorted to FDI and also expanded its exports.
The Minister said that FDI was significant in any economy and Pakistan was currently an attractive country for it.
The China Pakistan Economic Corridor (CPEC) became a tool to bring investments of up to $28 billion to Pakistan, he informed.
He said, “We were derailed due to the negative agenda of 2018 and now the world's trust is being established in Pakistan again.”
He said the International Monetary Fund (IMF) agreement was having positive effects on Pakistan and now the country had a chance to take off again.
He said the government was willing to introduce the soft VISA regime and the policy would be revised to address difficulties in businessman's visas.
The Ministry of Interior would give a report soon on the issue of visas.
"We will move relations with friendly countries towards investment instead of aid," he added.