ISLAMABAD: Prime Minister Shehbaz Sharif constituted a committee on Monday to address challenges faced by international firms who want to carry out projects in the country while instructing relevant officials of his administration to remove any obstacles impeding foreign investment.
Pakistan has witnessed tough economic challenges in recent months after its current account deficit ran high and its forex reserves started depleting. The country’s national currency was also rapidly losing its value until recently, though it started recovering some of its losses in the last few weeks.
While the government tried to secure external finances from friendly nations and international lenders, it also looked into the possibility of generating foreign investment to cure its ailing economy.
“The prime minister has established a committee to solve the problems of foreign investment companies, especially those investing in Gwadar Free Zone,” said a statement released by his office after Sharif held a high-level meeting to evaluate the investment situation in the country.
“All obstacles to foreign investment in the country should be removed immediately,” the statement quoted him as saying.
The newly established committee will submit a detailed report and recommendations to the prime minister in 10 days.
Sharif said Pakistan must facilitate the Chinese firms on a priority basis.
The meeting to review the investment situation in the country was also attended by finance minister Miftah Ismail along with the other senior cabinet members.
The prime minister was informed about the companies interested in investing $10 billion in energy and infrastructure development projects.
He was also informed that the investment of one to two billion dollars was expected to flow in immediately during the first phase.
These projects, it was added, would create more than 45,000 employment opportunities in the country.
“The prime minister immediately issued instructions to the Board of Investment, Ministry of Planning and the Ministry of Finance to prepare a comprehensive plan for these projects with mutual cooperation,” the statement informed.