Business

SIFC unveils projects to boost investment

Introduces business visas, dollar accounts, and IT initiatives

Ehtesham Mufti September 27, 2024

FDI

KARACHI:

Secretary of the Special Investment Facilitation Council (SIFC), Jamil Qureshi, has announced the development of over 100 projects aimed at attracting foreign investment. Speaking at a seminar organised by the German-Pakistan Chamber of Commerce and Industry, Qureshi highlighted opportunities in corporate farming, animal farming, and the mineral sector.

Qureshi stressed the importance of simplifying foreign currency account opening for investors and assured that SIFC is committed to removing business obstacles by offering a "one-stop shop" solution. To further ease the process, business visas for foreign investors will be introduced, along with a 24-hour response portal for Pakistani visa applications.

Among the key initiatives, IT companies can now hold US dollar accounts in Pakistan, allowing smoother operations for foreign businesses. An implementation committee has been formed to streamline the investment process, while a modern Land Information and Management System has been established in Punjab, soon to be expanded to other provinces.

The government also aims to privatise Pakistan International Airlines (PIA) by the end of the year and has completed the documentation for special economic zones in Karachi and Lahore. Moreover, efforts are being made to resolve profit transfer difficulties, with support from the State Bank.

German Consul General Dr Rudiger Lotz highlighted Pakistan's strategic geographic location and its potential for economic growth. With a population of 240 million, Pakistan has immense potential for economic growth, Lotz noted. He underscored Germany's role as a committed partner in Pakistan's economic development.

Economist Amjad Waheed echoed these sentiments, stating that Pakistan's economic growth hinges on solid policies and a favourable business environment. Tax expert Abdul Qadir Memon called for further reforms to establish a stable and predictable tax system to attract investment.