SIFC-backed initiatives discussed

Aiming to catalyze economic growth and advancement in Khyber Pakhtunkhwa (K-P), Chief Secretary Nadeem Aslam Chaudhry chaired a meeting, spotlighting the attraction of domestic and foreign investment into crucial sectors within the province.

The meeting’s core discussions centered on K-P’s financial status, and propelling investment opportunities, particularly within the framework of the Special Investment Facilitation Council (SIFC).

Delving into multifarious domains, including information technology (IT), tourism, infrastructure, mining, agriculture, energy, and economic zones, the deliberations assessed the potential for lucrative investments.

Attended by the Chief Secretary, caretaker cabinet members, and prominent government officials, the session revolved around innovative and pragmatic strategies. These strategies aimed to elevate Khyber Pakhtunkhwa into a premier foreign investment destination by crafting an environment conducive to investors, harnessing the province’s abundant resources, and leveraging its strategic geographic location.

Central to the meeting’s objective was the meticulous refinement and enhancement of proposed projects within the identified pivotal sectors. This strategic effort aimed to empower the province in effectively presenting these projects to entice investments through the federal-level SIFC.

Background

On August 7, the third meeting of the apex committee of the Special Investment Facilitation Council (SIFC) sustained the positive momentum of this initiative, as highlighted by a statement from the Prime Minister’s Office (PMO).

The session, chaired by then Prime Minister Shehbaz Sharif, counted the presence of Chief of Army Staff (COAS) General Syed Asim Munir, chief ministers, federal and provincial ministers, and government officials.

The premier commended the prompt operationalization and collaborative functionality of SIFC within a short timeframe. The committee acknowledged the global resonance of SIFC’s outreach strategy through seminars and project inaugurations, soon to be reinforced by the impending launch of the SIFC website.

Projects presented by the ministries secured final approval during this apex committee meeting. These projects aimed to attract investments from friendly nations, and spanned across critical sectors such as agriculture, livestock, mining, minerals, IT, and energy. Furthermore, the committee extended robust backing for the forthcoming high-level delegation visit from Saudi Arabia to Pakistan under the SIFC platform, directing that this inaugural visit be truly momentous.

Committing to unwavering support for the SIFC initiative, the apex committee underscored the importance of sustaining the positive momentum under the interim government. Notably, the previous month saw SIFC’s endorsement of 28 projects worth billions of dollars, earmarked for investment by Gulf countries.

These projects encompassed diverse domains including food, agriculture, IT, mining, petroleum, and power sectors. Among the approved ventures were the Saudi Aramco refinery worth $10 billion, the exploration of copper and gold in Chagai, and the Thar Coal Rail connectivity scheme.

The Diamer-Bhasha dam was also presented as an investment prospect, including under the aegis of the China-Pakistan Economic Corridor (CPEC). Collectively, these endeavours showcased K-P’s proactive stance in fostering investment, culminating in a comprehensive strategy that tapped into its assets and potential, thereby reinforcing its positioning on the investment map.