The Implementation Committee (IC) of the Special Investment Facilitation Council (SIFC) has decided to enlist the services of a globally recognized project development, financial, and legal consultancy firm to conduct feasibilities for bankable projects.
Sources within the Board of Investment (BoI) confirmed this move, indicating a strategic step toward bolstering investment opportunities.
The responsibility of hiring the consultancy firm has been entrusted to the Secretary of the Ministry of Planning, Development, and Special Initiatives, along with the Chief Executive Officer.
The decision was reached during a meeting of the SIFC Committee on December 7, 2023, chaired by the Secretary of SIFC and attended by civil and military officials.
The Director-General of SIFC outlined three significant developments achieved under SIFC’s umbrella. These include the signing of seven MoUs during the caretaker Prime Minister’s official visit to the UAE, a framework agreement with Kuwait for deeper economic engagement, and the approval to discard the Model BIT template, allowing for negotiations on the Free Trade Agreement with GCC countries.
The meeting emphasized the need for bankable feasibilities and investment projects in line with directives from Pakistan’s top leadership. Sectoral Working Groups (SWGs) are expected to play a crucial role, meeting weekly to facilitate inter-ministerial and inter-departmental consultations and recommend agenda items for further meetings.
To expedite the process, the meeting decided to submit 4-5 preliminary concept notes, investment proposals, or working papers for potential investment projects. These proposals will undergo further discussion at the eighth Executive Committee (EC) meeting with subsequent support from P3A.
The meeting also focused on several initiatives, seeking a list of milestones, actionable items, dependencies, and timelines. These include the integration of regulators with the e-Services Portal of SECP, Sectoral Mapping and Regulatory Transformation (SMART), development of E-Registry, self-assessment by regulators, Regulatory Impact Assessment (PIA) Guidelines, and the Pakistan Business Portal.
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