SIFC aims to remove obstacles in foreign investment: Planning Minister

• Ahsan Iqbal said SIFC aims at streamlining the process for FDI by removing obstacles.
• He said the defence production industry has been brought under SIFC.
• Prime Minister Shehbaz Sharif chaired a meeting of the economic apex committee.

ISLAMABAD: Planning Minister Ahsan Iqbal said the Special Investment Facilitation Council (SIFC) aims at streamlining the process of Foreign Direct Investment (FD) by removing obstacles.

The federal minister was addressing a news conference after Prime Minister Shehbaz Sharif chaired a meeting of the apex committee formed for economic revival.

The minister said SIFC is a significant step to enhance Foreign Direct Investment, boost investor confidence and revamp the economy. He said SIFC will play a pivotal role in the progress and development of vital sectors of the country including agriculture, energy, Information Technology, minerals, and defence production.

Ahsan Iqbal said SIFC is a platform with a whole-of-government approach vertically and horizontally with complete participation of the federal and provincial governments as well as all the ministries and key state institutions.

He said all possible facilitation will be provided to foreign investors to create a business-friendly environment in the country. He further said that SIFC aims at streamlining the process for FDI by removing obstacles.

He said all the issues related to the issuance of visas to investors will be resolved under the banner of SIFC. He said it will open new avenues of development for Pakistan.

The minister further said the government is also giving priority to the agriculture sector to enhance per acre yield. He said special incentive is being offered to investors in the field of renewable energy.

He said army institutions have created a Land Information Management System which will be inaugurated by the prime minister on July 7.

Export-led growth

Highlighting the vast potential of Information Technology, Ahsan Iqbal said a viable mechanism is being developed to enhance IT exports, develop Joint Ventures and attract foreign investment in this sector.

“The youth is the economic atomic bomb in the IT sector. Youth can make Pakistan an information power,” the minister said. He hoped that there will be rapid development in the IT sector in Pakistan.

The minister said minerals is another priority sector under the SIFC and it is an encouraging sign that a giant mining company is working on the Reko dDq project, which will ensure Pakistan’s presence on the mining landscape worldwide.

He said the government will hold a road show to invite the mining companies of the world. He said they will form relations with friendly countries to receive investment and trade and not aid.

He said millions of acres of land in Pakistan is barren and it will be a priority to cultivate them. He regretted that the elite has control over the corporate sector. He said they will convert big farms into corporates on cultivated lands.s=

He said the defence production industry has enormous potential and has been placed under SIFC. He expressed satisfaction that Pakistan is producing high-tech military hardware ranging from pistols to tanks and aircraft which not only fulfill its defence needs but the weaponry is also exported.

He said International Monetary Fund (IMF) agreement will have a positive effect on Pakistan and the economy will “take off” once again. He said the cooperation of state institutions with the government will continue and bring stability to the economy.

He said the progress on China Pakistan Economic Corridor (CPEC) was affected but has been restored within a year. He said the government will carry the project forward and complete work on Special Economic Zones (SEZs).

He said the investors’ confidence will also be restored by the government coming after the election. He hoped that the people of Pakistan will give mandate to PML-N.