Govt elevates SIFC to division status to boost investment and economic growth

The federal government, under Prime Minister Shehbaz Sharif’s leadership, has approved the creation of a dedicated division for the Special Investment Facilitation Council (SIFC) aimed at strengthening institutional capabilities and fostering investment in Pakistan.

Sources disclosed that this decision was made during a meeting chaired by Prime Minister Shehbaz Sharif, where the establishment of the new division was formally sanctioned.

Additionally, the meeting authorized the establishment of a Project Management Unit to attract top talent and further enhance the operational capabilities of the SIFC.

Established in June 2023, the SIFC was originally conceived to address Pakistan’s economic challenges by providing a unified platform to stimulate investments. This initiative aims to streamline bureaucratic processes, promote federal-provincial cooperation, and facilitate swift decision-making, thereby fostering macroeconomic stability with civil-military cooperation.

According to insiders, officials from the SIFC briefed the prime minister on its operations, scope, and future plans during the meeting. They highlighted the council’s evolving mandate, which initially focused on key sectors but now encompasses all sectors of the economy.

The prime minister was informed that the SIFC has expanded its services to support both domestic and foreign investors, broadening its engagement beyond the Gulf Cooperation Council (GCC) to include global regions and countries. In addition to attracting new investments, the SIFC is also resolving existing issues that hinder economic progress.

Officials underscored that the SIFC has significantly enhanced international investor confidence, leading to increased collaboration with friendly nations and domestic investors. Despite these achievements, they noted challenges stemming from limited human and administrative resources, which have constrained the council’s operational efficiency.

Currently, the SIFC operates with a lean workforce, drawing personnel from the Board of Investment (BOI), Pakistan Army, and various ministries. This staffing shortfall particularly impacts its ability to manage regional and sectoral desks effectively and engage with specialized experts.

During the meeting, Prime Minister Sharif praised the SIFC’s accomplishments and recognized the need for additional resources to support its expanded responsibilities. He endorsed the proposal to elevate the SIFC to a separate division status to ensure its seamless functioning.

By establishing the SIFC as a dedicated division, the government aims to bolster its capacity to facilitate investments effectively, thereby contributing to Pakistan’s economic development and stability.

Monitoring Desk
Monitoring Desk
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