PM injects vigor into investment drive

Setting sights on friendly countries’ investment, Shehbaz okays key projects in multiple sectors

ISLAMABAD:

In a significant move aimed at attracting investments from friendly nations, Prime Minister Shehbaz Sharif has given formal approval to various projects in sectors such as agriculture, livestock, minerals and mining, information technology, and energy.

These projects are integral to the recently announced Economic Revival Plan, which seeks to address Pakistan's economic challenges by harnessing untapped potential through local development and foreign investments.

During the second meeting of the apex committee of the Special Investment Facilitation Council (SIFC), chaired by PM Shehbaz, key figures including COAS General Asim Munir, chief ministers, federal and provincial ministers, and high-level government officials were in attendance.

The SIFC was established to serve as a streamlined interface for investors, with the support of the military, to remove obstacles hindering investments and to attract foreign investments from Gulf countries.

The apex committee expressed satisfaction with the SIFC's functioning and its outreach strategy to potential investors through seminars and project inaugurations. Several projects from various ministries were reviewed, and after thorough discussions, PM Shehbaz granted approval for attracting investments from friendly countries in different sectors.

The Economic Revival Plan, presented by Pakistan's top civil-military leadership, aims to foster collaboration between federal and provincial governments, streamline decision-making, and promote the concept of "one government" and "collective government" to facilitate investments and business activities.

While speaking at the occasion, the COAS had assured Pakistan Army’s all out support to complement government’s efforts for the economic recovery plan and considered it fundamental to socio-economic prosperity of Pakistanis.

Under the SIFC project, it is anticipated that 15 to 20 million direct job opportunities and 75 to 100 million indirect job opportunities will be created within four to five years. Additionally, the plan aims to generate exports of 70 billion dollars and achieve "import substitution" of an equal amount within the same timeframe.

The ambitious plan also targets an increase in Pakistan's Foreign Direct Investment (FDI) by 100 billion dollars and a boost in foreign exchange reserves, ultimately alleviating the country's current economic difficulties.

During the unveiling of the economic revival plan, PM Shehbaz emphasized the need for export-oriented foreign direct investments, and the army chief pledged full support from the military, considering the plan crucial for the socio-economic prosperity of the nation. The government is committed to executing the plan with the support of friendly countries and fostering a conducive environment for economic growth and development.