PM forms SIFC cabinet committee to boost investment

Army chief, CMs part of the 12-member committee

ISLAMABAD:

In a move aimed at bolstering investment in Pakistan, Prime Minister Shehbaz Sharif has established a cabinet committee on the Special Investment Facilitation Council (SIFC).

The newly formed committee, which will be chaired by the prime minister himself, includes a total of 12 members, with special invitations extended to the army chief and chief ministers of all four provinces.

The committee has been constituted under Rule 17 of the Rules of Business, 1973. The Cabinet Division has issued a notification for its establishment.

The committee comprises six regular members and six co-opted members. Among the regular members are key ministers including the finance minister, defence and defence production minister, planning and development minister, information technology minister, national food security minister, power minister, law and justice minister, investment board minister, industries and production minister, and the minister of petroleum.

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The co-opted members, invited by special invitation, include the chief of army staff, provincial chief ministers, and national coordinators.

The terms of reference (ToRs) for the committee will align with those of the SIFC.

Cases that fall under the Board of Investments Ordinance 2001 but outside the SIFC’s jurisdiction will be presented to the committee for approval. The decisions made by the SIFC committee will then be submitted to the federal cabinet for final approval. The SIFC will also provide secretariat support to the committee.

The SIFC, established in June of last year, is a high-powered government body designed to attract foreign investments, particularly from Gulf nations. The council includes both civil and military representation, featuring key figures such as the prime minister and the chief of army staff.