SIFC continues to steer investment related initiatives at fast pace

ISLAMABAD: The Special Investment Facilitation Council (SIFC) continues to steer investment related initiatives at fast pace through exhaustive engagements involving all stakeholders.

Accordingly, 4th meeting of its Executive Committee (Functional Tier) was held on Monday with the objectives to remove bottlenecks and improve overall investment environment.

The meeting was chaired by Minister for Planning, Development and Special Initiatives and attended by the National Coordinator for SIFC, federal and provincial ministers concerned, and high level government officials, a press release said.

The ministries concerned presented progress on various aspects and highlighted areas needing special focus.

The committee showed its satisfaction regarding the ongoing outreach strategy of the SIFC and directed to further build on it by engaging business community and missions abroad.

At the end, the committee recommended measures to further improve the ecosystem for investment in the country with focus on, inter alia, policy interventions, visa facilitation for investors, dispute management / resolution mechanism, and technical refinement of approved projects in agriculture, IT, minerals and energy sectors.

The matters recommended by the Executive Committee will be presented at the Apex Committee Meeting, to be chaired by the prime minister, for their approval and implementation.

COAS Asim Munir for SIFC

Chief of the Army Staff (COAS) General Asim Munir assured the business community that money exchanges would be brought under the purview of taxation, said President Lahore Chambers of Commerce and Industries Kashif Anwar.

A delegation of Lahore Chambers of Commerce and Industries headed by its President Kashif Anwar called on COAS General Asim Munir to discuss the country’s economic situation.

Detailing the matters discussed in the meeting, Anwar said the COAS assured transparency in dollar exchange and interbank rates.

During the meeting, General Asim Munir highlighted the pivotal role of Special Investment Facilitation Council (SIFC), emphasising its potential to attract substantial investments of up to $100 billion from countries such as Saudi Arabia, the UAE, Kuwait, and others.

Kashif Anwar, in alignment with the broader business community, recommended active engagement with all chambers to incorporate diverse perspectives into the task force’s agenda.

Addressing critical issues faced by the public, Kashif Anwar proposed a reduction in income and sales tax rates on electricity bills. He noted that the populace grapples with the burden of high taxation on electricity, impacting daily lives, businesses and common people.

Anwar further said COAS General Asim is optimistic that Pakistan will come out of the present financial crisis as the country has the potential to bounce back.