Partnership with global businesses sought

Caretaker Foreign Minister Jalil Abbas Jilani has reaffirmed the government’s commitment to fostering partnerships with the global business and industrial community during his interaction with a group of US business leaders at the Business Council for International Understanding (BCIU).

The foreign minister highlighted the resilience of Pakistan’s market despite formidable challenges in recent years, including the Covid-19 pandemic, the devastating floods of 2022 and the global supply chain crisis.

He stressed that the stabilising measures undertaken by the government were steering the nation towards economic recovery and growth.

The foreign minister called on US businesses to explore the investment opportunities in Pakistan, underscoring that the country’s ongoing transformation presented a unique window for investment across a broad range of sectors.

In this context, he emphasised the significance of the Special Investment Facilitation Council (SIFC), terming it a landmark initiative of the government of Pakistan to promote investment in agriculture, information technology, mining and minerals, renewable energy and defence goods production.

Jilani underscored the immense potential awaiting foreign investors in those sectors. He assured investors of Pakistan’s commitment to providing a secure investment environment, offering legal protection and avenues for profit repatriation.

Recent reports suggest that Pakistan is expecting around $25 billion in investment from Gulf countries under the SIFC initiative. In this regard, there are expectations that the Saudi crown prince will pay a visit to Pakistan.

The country badly needs huge foreign and local investment to give a fresh impetus to the faltering economy, which grew just 0.3% in the last fiscal year, and create employment opportunities for the rapidly growing workforce.

Earlier, Caretaker Prime Minister Anwaarul Haq Kakar said that the government would ensure full use of SIFC to press ahead with its development agenda.

Terming SIFC a ray of hope for Pakistan’s economic development, the premier said the government would focus on the development of different sectors under the council’s umbrella.

Addressing a meeting in connection with the SIFC affairs, the PM said the caretaker government during its short tenure would fully devote all its energies to the stability and progress of the economy.

He gave directives for harmonising the regulatory structure with the international requirements to improve the energy sector. He stressed that Pakistan had vast potential for foreign investment in the fields of agriculture, mining and minerals, IT, energy and defence goods.

Published in The Express Tribune, September 24^th, 2023.

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