- Advertisement -
ISLAMABAD, Mar 28 (APP):The Special Investment Facilitation Council (SIFC) undertook a number of initiatives over the past 12 months, paving the way for transformative progress across multiple sectors by resolving long-standing issues, unlocking investment potential and improving Pakistan’s competitiveness on the global stage.
In a decisive move to boost economic growth and attract foreign investment, the government launched the “Invest-Pakistan” Project Management Unit (PMU) under the Public Sector Development Program (PSDP), according to an official one-year performance report of the incumbent government.
This initiative is designed to support the SIFC, enhancing its capacity to drive key reforms and address critical bottlenecks across sectors crucial to Pakistan’s economic future.
With the hiring process for skilled professionals nearing completion, the government has approved a Technical Supplementary Grant of Rs523 million for the project’s first year.
Sharing some of the initiatives, it said the SIFC has played a pivotal role in streamlining the issuance of cement plant licenses, resolving a longstanding dispute between the National Highway Authority and Bina Puri, and facilitating Yamaha’s manufacturing certification process — a major step toward bolstering industrial output.
The council resolved disputes in oil and gas projects, including the construction of a gas pipeline and resumption of gas supply to Master Tiles, and remained engaged in settling matters with K-Electric and approvals for energy projects like the Riyali Hydro Power Project.
In the minerals sector: the SIFC helped in ensuring successful execution of projects in Balochistan and Khushab, along with significant investments in salt and soda ash production.
For uplift of the agriculture sector, land allocation has been made for Green Pakistan Initiative and reached export agreements, along with a boost to local industries such as meat and mushrooms.
The government granted approval for the indigenous development of ventilators to meet needs of the health sector and serve the suffering humanity.
Due to prudent policies of government, there was a significant emigration trends as remittance increased with enhanced diaspora engagement.
Under the SIFC initiatives, the government launched youth skill development programs and healthcare workforce expansion, required support was extended for digital integration, IT park development and increased IT exports.
During the period under review, Aviation and Real Estate sectors achieved progress on airport outsourcing and real estate project approvals.
In Maritime and Tourism fields, the government developed navigational channels and signed tourism agreements, including operationalizing hotels and resorts.
The government also devised a comprehensive plan for privatization and rightsizing of various state-owned enterprises (SOEs).
To maximize the impact of these reforms, the government engaged AT Kearney, a global consulting firm, to identify high-potential projects and prepare feasibility studies for priority sectors. The firm’s insights have been instrumental in shaping Pakistan’s strategic pipeline of initiatives, further bolstering the country’s economic growth potential.
The combined efforts of the Invest-Pakistan PMU and the SIFC are expected to provide the necessary framework for Pakistan’s economic revitalization, with an emphasis on sustainable development, job creation and increased foreign investment.
This ambitious initiative aligns with the government’s broader vision to enhance Pakistan’s competitiveness and position the country as a leading destination for investment in the South Asian region.