SIFC approves projects to attract investment in key sectors

PM Shehbaz holds third meeting of the SIFC’s apex committee; COAS among participants

The third meeting of the apex committee of the Special Investment Facilitation Council (SIFC) was held on Monday to continue the positive momentum under the initiative, a statement from the Prime Minister’s Office (PMO) said.

The meeting was chaired by Prime Minister Shehbaz Sharif and attended by Chief of Army Staff (COAS) General Syed Asim Munir, chief ministers, federal and provincial ministers, and government officials.

The premier appreciated the expeditious operationalisation of SIFC in a short span and its efficient functioning through a collaborative approach.

The apex committee appreciated the global impact of ongoing outreach strategy through seminars and project inaugurations, which will be augmented by SIFC’s website being launched shortly.

Read more: Govt to set up pool to centralise its assets

The committee gave final approval of projects, presented by the ministries, for attracting investments from friendly countries, under the umbrella of SIFC, in key sectors including agriculture, livestock, mining, minerals, IT and energy.

The apex committee showed all-out support for successful conduct of upcoming visit of a high-level delegation from the kingdom of Saudi Arabia to Pakistan through SIFC platform. PM Shehbaz directed to make this inaugural visit a momentous event.

At the end, the apex committee showed resolve for continuous support to SIFC initiative and urged the interim government to maintain the impetus for a positive contribution.

Last month, the SIFC had approved 28 projects worth billions of dollars that would be offered to Gulf countries for investment, including the construction of Diamer-Bhasha dam and mining operations at Reko Diq in Balochistan’s Chagai district.

Also read: Looking the Gulf way

The list of the approved projects suggests that if all the schemes are picked up by countries, including Qatar, Saudi Arabia, the UAE and Bahrain, the quantum of investment under the SIFC banner can be greater than the $28 billion under the China-Pakistan Economic Corridor (CPEC).

Initially, the approved schemes are in the food, agriculture, information technology, mines and minerals, petroleum and power sectors. They include cattle farms; the $10 billion Saudi Aramco refinery; explorations of copper and gold in Chagai; and the Thar Coal Rail connectivity scheme.

The Diamer-Bhasha dam has also been offered to China for investment under CPEC.