ISLAMABAD: In a move to boost the government’s efforts for economic revival, the federal government has established the ‘Special Investment Facilitation Council (SIFC)’ with Prime Minister Shehbaz Sharif as its chairperson. The council, aimed at attracting investments from GCC countries in various sectors such as defence, agriculture, minerals, IT, and energy, will also include the army chief and senior federal minister, as per the notification issued by the PM Office.
The decision to form the SIFC comes shortly after the government unveiled an extensive ‘Economic Revival Plan’ to harness Pakistan’s untapped potential in key sectors, expedite development projects, and facilitate investments. The plan was presented during a high-level meeting in Islamabad, chaired by Prime Minister Shehbaz Sharif, which saw the presence of Chief of Army Staff General Asim Munir, chief ministers, federal and provincial ministers, and other high-ranking government officials. COAS Munir expressed full support to complement the government’s initiatives for economic revival during the meeting.
Government establishes the Special Investment Facilitation Council (SIFC)
According to the notification, the SIFC will consist of three tiers, including the apex body, executive committee, and implementation committees. The apex body will comprise the prime minister, federal ministers responsible for planning, finance, IT & Telecom, food security, power, water resources, industries and production, defence, defence production, and investment. Additionally, the army chief, all chief ministers, the national coordinator (Pakistan Army), and the Special Assistant to the Prime Minister will also be part of the apex body, with the Special Assistant acting as the body’s secretary.
The executive committee, on the other hand, will consist of the planning minister, national coordinator (Pakistan Army), federal ministers responsible for defence, food security, IT & Telecom, and power, state ministers for petroleum and finance, provincial ministers for agriculture, mines and minerals, IT, energy, Board of Revenue, irrigation, finance, planning and development, and investment. The committee will also include the Special Assistant to the Prime Minister, chief secretaries, director general (Pakistan Army), and the secretary of the Board of Investment.
The formation of the SIFC reflects the government’s commitment to creating an enabling environment for investment and economic growth. By including key stakeholders from the government, including the prime minister, army chief, and relevant ministers, the council aims to streamline decision-making processes and facilitate the implementation of investment initiatives. It signifies a collaborative approach between the government and the military in driving an economic revival and attracting investments from GCC countries.
The SIFC is expected to play a vital role in coordinating efforts to attract foreign investment, identifying investment opportunities, and providing facilitation services to potential investors. With its focus on sectors such as defence, agriculture, minerals, IT, and energy, the council aims to capitalize on Pakistan’s strengths and leverage international partnerships for sustainable economic development. The involvement of the army chief underscores the importance placed on national security and the role of the military in supporting economic initiatives.
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As the SIFC begins its work, all eyes will be on the council’s progress in implementing the Economic Revival Plan and creating an investor-friendly environment in Pakistan. The collaborative efforts between the government, the army, and other relevant stakeholders will be instrumental in driving economic growth, creating employment opportunities, and positioning Pakistan as an attractive investment destination. The SIFC’s comprehensive composition and strategic focus reflect the government’s commitment to economic revitalization and its recognition of the significance of collective action in achieving sustainable development goals.
