Prime Minister approves the establishment of an SIFC under the Economic Revival Plan

ISLAMABAD: The government of Pakistan has devised a plan to attract investment from Gulf Cooperation Council (GCC) countries as part of the ‘Economic Revival Plan’.

As per the plan, the Prime Minister has approved the establishment of the Special Investment Facilitation Council (SIFC).

The SIFC will serve as a ‘Single Window’ for multi-domain cooperation in ‘Relevant Fields’ with GCC countries and other countries in general, aiming to facilitate investment and create an enabling policy environment.

The SIFC will consist of three tiers, including a six-member Apex committee chaired by the Prime Minister. The executive committee will have eight members, including representatives from the Pakistan Army.

Additionally, the implementation committee will comprise five members from both civilian and military leadership. Co-opted members will include the Secretary of Finance, Secretary of Board of Investment, Secretary of Economic Affairs Division (EAD), Chairman of the Federal Board of Revenue (FBR), Deputy Governor, and Provincial focal persons, according to sources.

The primary focus of the SIFC will be on investment and privatization, initially targeting five areas: Defense, Agriculture, Minerals, Information Technology and Telecommunication, and Energy.

According to the Terms of Reference (ToR), the council will develop long-term plans for growth, development, and investment in the relevant fields while capitalizing on low-hanging fruit.

Furthermore, it will raise awareness about Pakistan’s untapped potential in the ‘Relevant Fields’ and explore new opportunities to expand cooperation.

The SIFC will also work towards improving the ease of doing business by overcoming systemic and bureaucratic hurdles, optimizing horizontal-vertical synergy and coordination between the federal and provincial levels, facilitating timely decision-making, avoiding duplication of effort, and expediting investment and project implementation.

To monitor the progress of each sectoral division, the Apex Committee, Executive Committee, and Implementation Committee will hold quarterly, monthly, and fortnightly meetings, respectively.

The Prime Minister’s office stated that the government of Pakistan has unveiled an elaborate ‘Economic Revival Plan’ in response to the economic challenges faced by the country.

The Prime Minister chaired the event, which was attended by the Chief of Army Staff, Chief Ministers, Federal and Provincial Ministers, and high-level government officials.

The plan aims to harness Pakistan’s untapped potential in key sectors such as Defense Production, Agriculture/Livestock, Minerals/Mining, IT, and Energy, through indigenous development and investments from friendly countries.

To expedite project development, the Special Investment Facilitation Council (SIFC) has been established as a ‘Single Window’ interface for potential investors, promoting a unified approach.

The council will streamline and simplify business processes by adopting a cooperative and collaborative ‘whole-of-the-government approach’ with representation from all stakeholders. It aims to foster synergy between the federal and provincial governments, facilitate timely decision-making, avoid duplication of effort, and ensure swift project implementation.

The significant participation of federal and provincial governments demonstrates the national commitment to reviving the economy against all odds.

The Chief of Army Staff (COAS), speaking at the occasion, assured Pakistan Army’s full support to complement the government’s efforts for the Economic Revival Plan, which is considered crucial for the socio-economic prosperity of Pakistanis and reclaiming Pakistan’s rightful stature among nations.

The Prime Minister highlighted that his government inherited an economy on the brink of collapse. With bold and difficult decisions, the country is now heading towards growth and development. However, significant challenges lie ahead, and export-oriented foreign direct investments (FDIs) are key to economic revival. Therefore, the government has decided to adopt a holistic and whole-of-government approach that fosters partnerships within federal and provincial governments to ensure effective implementation and execution. The priority will be given to investors, providing them with expedited approvals through a well-coordinated approach, the Prime Minister added

The Prime Minister observed that the expected investments would create jobs and livelihoods for the youth and women. He emphasized the importance of empowering the younger generation and women to realize their full potential.

The Prime Minister urged everyone to work together, leaving no stone unturned and remaining focused and determined in their efforts. He expressed the belief that by working hard and staying committed to the path of progress and development, Pakistan’s destiny and the well-being of its people can be transformed.

The Prime Minister concluded by stating that Pakistan and its people deserve nothing less than dedicated and diligent administration from those entrusted with the responsibility by Almighty Allah and the people of Pakistan.