The Special Investment Facilitation Council (SIFC) approved an action plan for the optimization of Special Economic Zones (SEZs), aimed at revitalizing Pakistan’s industrial sector. The council also reviewed a proposal for the National Minerals Harmonization Framework, incorporating input from all stakeholders.
The 11th Apex Committee meeting, chaired by Prime Minister Shehbaz Sharif, was attended by Chief of Army Staff General Asim Munir, federal cabinet members, provincial chief ministers, the prime minister of Azad Jammu and Kashmir, the chief minister of Gilgit-Baltistan, and senior officials.
The Secretary of the Apex Committee provided a detailed briefing on SIFC’s strategic initiatives, emphasizing its contributions to the National Economic Transformation Plan 2024-2029, dubbed “Uraan Pakistan.” The committee expressed satisfaction with the country’s improving macroeconomic conditions and stressed collective efforts for sustained economic growth and public welfare.
Key decisions included approving the SEZs optimization plan and reviewing proposals to harmonize mineral policies. Updates were shared on human resource development initiatives aimed at enhancing skills and accreditation to global standards. Provincial leaders also highlighted ongoing projects in their regions designed to drive economic growth.
Prime Minister Shehbaz Sharif lauded the economic team for improving macroeconomic indicators, including reducing inflation to 4.1%, increasing remittances by 34%, and raising foreign exchange reserves from $4 billion to $12.5 billion. He noted that the policy rate at 13% could potentially be reduced further due to lower inflation.
The prime minister highlighted the signing of multi-billion-dollar MoUs with Saudi Arabia, Qatar, and the UAE, underscoring the country’s transition from economic stabilization to a growth phase. “Export-led growth is essential for achieving economic development—we have no other option,” he asserted.
Shehbaz also commended the Federal Board of Revenue (FBR) for collecting an additional Rs72 billion under the Advance-to-Tax Ratio (ADR), which nearly achieved the December 2024 revenue target. He noted that faceless container inspection facilities had cut inspection times by 39%, providing 89% relief to businesses.
Discussing smuggling, he reported that sugar smuggling to Afghanistan had been reduced to zero, yielding $0.5 billion from sugar exports. Additionally, rice exports surged to $4 billion.
On national security, the prime minister emphasized that combating terrorism remains critical to achieving economic progress. He praised the agreement between tribes in Kurram for stabilizing the area but expressed grief over the loss of innocent lives.
Chief of Army Staff General Asim Munir reiterated the military’s support for government initiatives, assuring unwavering efforts to maintain peace and security.
The meeting concluded with a call for collective efforts across all tiers of government to sustain economic and social progress while addressing security challenges effectively.
