SIFC approves investment projects for diverse sectors

ISLAMABAD: The apex committee of the Special Investment Facilitation Council (SIFC) on Friday approved the projects for attracting investments in diverse sectors.

The SIFC approved projects for attracting investments from friendly countries in agricultural, livestock, minerals, mining, information technology, and energy sectors.

Prime Minister Shehbaz Sharif, chairing the second meeting of the Apex Committee, directed to extend impeccable facilitation to the investors, interested in undertaking and actualising the projects.

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The meeting, which was attended by Chief of Army Staff (COAS) General Asim Munir, chief ministers, federal and provincial Ministers and high-level government officials, reviewed various projects presented by ministries for broaching with investors under the umbrella of SIFC.

The apex committee expressed satisfaction with the functioning of the SIFC and its strategy to outreach potential investors through the conduct of seminars and project inaugurations.

SIFC for economic revival

In June, Pakistan constituted Special Investment Facilitation Council (SIFC) for the economic revival of the country.

The Economic Revival Plan was unveiled during a high-level meeting chaired by the Prime Minister Shehbaz Sharif and attended by the Chief of Army Staff (COAS), Chief Ministers, Federal and Provincial Ministers and high-level government officials.

The plan envisages capitalizing Pakistan’s untapped potential in key sectors of defence production, agriculture, livestock, minerals, mining, information technology and energy, through indigenous development as well as investments from friendly countries.

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To fast-track the development of projects, the establishment of Special Investment Facilitation Council (SIFC) has been undertaken to act as a ‘Single Window’ interface for the potential investors as well as to adopt a unified approach.

The setup will shorten heretofore cumbersome and lengthy business processes through a cooperative and collaborative ‘whole of the government approach’ with the representation of all stakeholders. It is aimed at creating horizontal-vertical synergy between federation and provinces; facilitating timely decision-making; avoiding duplication of effort; and ensuring swift project implementation.

The high-ranking participation from federal and provincial governments, clearly manifests the national resolve to turn around the economy despite all odds.