Pakistan Special Investment Facilitation Council
The Government of Pakistan (GoP) has launched the Special Investment Facilitation Council (SIFC) with the aim to bring together government representatives (federal and provincial) and the military to serve as a “top decision-making forum” to ensure continuity and predictability in economic policymaking and seek “creative ideas” to revive economic growth and steer the country out of the current economic crisis.
The SIFC aims to simplify the investment process by acting as a one-stop shop for potential investors. Its main objective is to increase FDI inflows in five priority sectors: defense, agriculture, minerals, information technology, and energy. The SIFC is managed by an apex committee that includes the Prime Minister, Chief of Army Staff, and other high-ranking government officials, whereas day-to-day operations are handled by Pakistan’s Board of Investment.
The new council has announced few projects, such as leasing a seaport to a UAE company and creating thousands of acres of land for corporate farming in central Pakistan, providing business opportunities to American technologies in agriculture, ICT and mining projects.
The establishment of SFIC is a positive step towards improving country’s business environment as it offers a platform, geared towards providing support to foreign businesses, while addressing concerns of international companies facing bureaucratic bottlenecks that may impede their progress.
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