PBF urges SIFC to involve private sector experts

Seeks focus on facilitating business transactions rather than directly developing them

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LAHORE:

Senior Vice President of the Pakistan Business Forum (PBF), Amna Munawwar Awan, has highlighted the pivotal role played by the Special Investment Facilitation Council (SIFC) in steering Pakistan's economy towards development and restoring global confidence. She noted that as a result of SIFC's efforts, countries like China, Russia, and Brazil have recently shown interest in investing in Pakistan's various sectors.

Speaking at a steering committee meeting, Awan described SIFC as a groundbreaking initiative that offers a unified platform for decision-making and ensuring seamless coordination among stakeholders.

Awan stressed that a well-developed regulatory framework, designed to simplify procedures, reduce bureaucratic hurdles, and enhance transparency, is essential to attract more investors. Additionally, fostering synergy among institutions and cutting red tape improves predictability and modernisation, creating an environment where entrepreneurs and corporations can significantly boost their investments.

"This influx of investment will drive stronger economic growth and improve social welfare," she added.

She urged the SIFC to encourage the government to formulate cutting-edge policies in key areas such as industrial revival, smart agriculture, and scaling up IT services. Awan recommended offering priority sectors to the private sector for joint ventures with suitable partners. "The state's role should be to provide incentives and reduce bureaucratic barriers," she asserted.

The PBF has advised that the SIFC remain focused on facilitating business transactions rather than directly developing or promoting them—a task better suited for the private sector. Awan pointed out that managing government-to-government (G2G) investments and private sector joint ventures requires distinct skill sets and approaches. While the SIFC is well-positioned to handle G2G deals, private-sector investments would benefit from the involvement of sector experts.