ISLAMABAD: Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar vowed on Thursday to ensure “full use” of the country’s Special Investment Facilitation Council, saying that his government would devote its energies towards economic development and stability, a statement from the Prime Minister's Office (PMO) said.
Pakistan set up the Special Investment Facilitation Council (SIFC) in June to attract foreign investment, particularly from Gulf countries. A notification dated June 17 from then Prime Minister Shehbaz Sharif’s Office said SIFC would attract investments in energy, IT, minerals, defense, and agriculture from Gulf Cooperation Council (GCC) countries.
The body, which has the army chief and other military leaders in key roles, aims to take a “unified approach” to steer the country out of an economic crisis.
“The caretaker government would ensure the full use of the Special Investment Facilitation Council (SIFC),” PM Kakar said on Thursday while attending a briefing on the progress of the council.
“[The forum] is a ray of hope for Pakistan's economic development.”
Kakar acknowledged the “immense potential” that the SIFC offered in terms of foreign investment in tourism and infrastructure projects, adding that his government would pay special attention to those sectors.
“International quality infrastructure is of key importance for the promotion of foreign investment in the country,” Kakar noted. “As for the improvement of Pakistan's energy sector, the regulatory structure should be aligned with contemporary international requirements.”
Earlier this month, a delegation from Saudi Arabia arrived in Pakistan to explore investment opportunities in the mining sector, aiming to tap into Pakistan’s $6 trillion estimated worth of mineral deposits.
The Saudi delegation attended Pakistan’s first dedicated summit on minerals in Islamabad, where then PM Sharif and Pakistan’s army chief General Syed Asim Munir spoke in front of a gathering of foreign investors, diplomats, and international dignitaries. The summit was organized under the umbrella of the SIFC.
